New Delhi, February 23 (Commodities Control): Wheat prices traded with steadiness to a slight weakness in response to the government maintaining the weekly auction quantity at 5 lac tons after considering the stock situation in the recent FCI meeting. Contrary to rumors of a reduction to 3 lac tons in the upcoming tender, the current bid of HT connection is at 400 MT only.
Media reports suggest that OMSS (Open Market Sale Scheme) is likely to wind up by the end of this month, while market participants believe it could continue until the second week of March. So far, FCI has sold 8.94 million tons in the last 35 auctions.
Farmers in the Indore and Ratlam regions of Madhya Pradesh report that the quality of early-sown wheat is not good, and yields have declined by around 5-10%. High temperatures in December impacted tillering and the vegetative phase. However, timely and late-sown wheat yields are expected to be normal to above normal due to favorable weather conditions in January.
Regional Price Movements:
- Delhi: Prices traded down by Rs 25 per quintal at Rs 2500 per quintal due to the OMSS update, indicating sufficient supplies in the upcoming weeks.
- Maida (flour): Traded steady at Rs 3000-3010 per quintal.
- Atta (whole wheat flour): Traded at Rs 2760-2780 per quintal.
- Bihar: Wheat prices traded down by Rs 20 per quintal at Rs 2500 per quintal.
- Kolkata: Prices traded down by Rs 20 per quintal at Rs 2700 per quintal.
- Uttar Pradesh (UP): Market traded down by Rs 20 per quintal at Rs 2500 per quintal. UP-Bengaluru line significantly down at Rs 2850 per quintal, a decrease of Rs 50 per quintal. MP-Bengaluru line traded at Rs 2825 per quintal. High arrivals in MP are putting pressure on prices in the southern markets.
- Rajasthan: Traded down by Rs 20 per quintal at Rs 2500 per quintal.
- Hyderabad: Mill delivery traded steady at Rs 2850 per quintal.
- Coimbatore: Traded steady at Rs 2900 per quintal. Supplies are coming from UP and MP for southern states.
MP new mill quality wheat traded at Rs 2500-2525 per quintal, and Gujarat new wheat also traded in the same range, remaining steady compared to the last session.
Overall, wheat prices are expected to trade steady to weak as the government aims to bring prices close to MSP aggressively, with procurement expected to start from March 10th in Rajasthan. Additionally, the new crop is anticipated to be good, and arrivals are expected to improve in the coming weeks.
0 Comments 
Post Comment 
