New Delhi, March 28 (Commoditiescontrol): Wheat prices exhibited a mixed trend in today trading. In Delhi, prices saw an increase of INR 50 per quintal, reaching INR 2575-2600 per quintal. Similarly, Rajasthan witnessed a rise of INR 20 per quintal, settling at INR 2540 per quintal, with arrivals ranging between 10000-11000 MT. However, the closure of major mandis for the upcoming three days due to Rang Panchmi is anticipated to impact market activities.
A notable development affecting the market sentiment is the government's directive mandating traders, retailers, wholesalers, and millers to report their wheat stock on a designated portal starting April 1, 2024. This regulatory measure is likely to exert downward pressure on prices in the coming weeks.
Conversely, the UP market experienced a decline of INR 50 per quintal, reaching INR 2500 per quintal. Similarly, South (Hyderabad) MP new wheat prices decreased by INR 50 per quintal, settling at INR 2620 per quintal. Meanwhile, spot Bangalore MP line witnessed a decrease of INR 20 per quintal, reaching INR 2730 per quintal. Notably, the absence of offers from UP for the South market indicates pricing disparities.
In Kolkata, wheat prices declined by INR 50 per quintal, reaching INR 2640 per quintal, with supplies sourced from Bihar. In the Samastipur zone of Bihar, new wheat prices were recorded at INR 2480.
The government's potential sale of wheat at reserved prices of INR 2275-2300 till July in non-procuring states and to Southern mills could influence market dynamics. If implemented, it may mitigate significant fluctuations in wheat prices across India until July.
Overall, while some improvement in wheat prices may be observed in the near term given the current government stance, significant upward movements seem unlikely in the medium term. Regulatory measures and regional supply dynamics are expected to play key roles in shaping market trends moving forward.
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