Mumbai, February 21 (CommoditiesControl): Wheat prices exhibited a mixed trend across major wheat markets as the commencement of new arrivals exerted pressure, while concurrent spot demand driven by the ongoing marriage season provided support.
In Indore mandi, 5000 bags of new wheat arrived, and prices were quoted in the range of Rs 2400-2430 per quintal for mill quality dry wheat, and Rs 2000-2300 per quintal for mill quality with moisture. Lokwan new wheat traded at Rs 2500-2850 per quintal, reflecting the diversity in pricing based on quality.
Gondal mandi received a substantial arrival of 15000 bags, with Lokwan prices ranging from Rs 2500 to Rs 3100 per quintal. Meanwhile, in Ratlam mandi, 20000 bags of wheat were reported.
Delhi witnessed steady prices at Rs 2500 per quintal, supported by robust demand for maida, which traded consistently at Rs 3000 per quintal. Bihar experienced an upward trend, with wheat prices rising by INR 20 per quintal, reaching Rs 2500 per quintal. Kolkata maintained stability at Rs 2680-2700 per quintal for wheat.
In the UP market, prices increased by Rs 15 per quintal, settling at Rs 2500 per quintal. The UP-Bengaluru line traded steadily at Rs 2950 per quintal. Rajasthan recorded an increase of Rs 50 per quintal, reaching Rs 2500 per quintal. Hyderabad mill delivery and Coimbatore maintained stability at Rs 2850 and Rs 2900 per quintal, respectively. Notably, supplies from UP and MP are catering to the demand in southern states.
Looking ahead, wheat prices are anticipated to trade steadily to weak as the government actively works to align prices near the MSP. The procurement process, set to commence on 10th March in Rajasthan, is likely to influence market trends. Additionally, optimism surrounds the new crop, with expectations of improved arrivals in the coming weeks.
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