Mumbai, 16 Feb 2024 (Commoditiescontrol):Wheat prices strengthened today following the government's announcement to end its Open Market Sale Scheme (OMSS) in northern states after March 1. The decision has prompted millers to increase stockpiling. Adding to the bullish sentiment, the India Meteorological Department (IMD) has warned of a fresh western disturbance that could potentially damage wheat crops in key producing regions like Rajasthan and Uttar Pradesh.
In Delhi, wheat prices rose by INR 25 per quintal to reach INR 2525 per quintal. Gujarat saw steady prices, with new wheat trading between INR 2500-2520 per quintal. Rajasthan wheat gained INR 10 per quintal to trade at INR 2520 per quintal.
Uttar Pradesh wheat prices strengthened at INR 2500 per quintal, while South-UP line traded robustly at INR 2920 per quintal. Madhya Pradesh wheat prices held at INR 2550 per quintal, with South-MP line trading at INR 2875 per quintal. Improved demand for maida in southern India due to the wedding season is being somewhat offset by increasing new wheat arrivals in Madhya Pradesh.
Analysts anticipate marginally firmer prices in the near term, though weakness is expected in the short term once peak arrivals commence around March 15.
(By Commoditiescontrol Bureau; +91-9820130172)
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