Mumbai, February 22 (CommoditiesControl): Wheat prices are holding steady or showing slight increases due to rumors that the government may reduce its wheat sales through the Open Market Sale Scheme (OMSS). There's also speculation that millers may be limited in how much wheat they can purchase in upcoming auctions. While some media reports suggest the OMSS program could end this month, market insiders believe it might continue into March. So far, the Food Corporation of India has sold a significant amount of wheat through this program.
Farmers in parts of Madhya Pradesh are reporting that their early-sown wheat isn't doing as well as they'd hoped. High temperatures in December seem to have affected the quality and yields. However, wheat crops sown later in the season are expected to produce normal or even better-than-normal yields thanks to good weather in January.
Wheat prices in Delhi have gone up due to a combination of strong demand and the news about potential changes to the OMSS program. Prices in Bihar, Kolkata, Uttar Pradesh, and Rajasthan have also seen increases. Southern markets, however, have remained relatively stable.
It's possible that wheat prices will stabilize or even start to go down. The government is likely to push for prices closer to the Minimum Support Price (MSP) as procurement season begins in Rajasthan in March. A good harvest and increased market supply could also put downward pressure on prices.
(By CommoditiesControl Bureau; +91-9820130172)
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