New Delhi, February 27 (CommoditiesControl): Wheat prices have experienced a firmer trend following the government's decision to cease the Open Market Sale Scheme (OMSS) after March 1st in northern states. This has prompted some millers to actively procure and stock supplies.
Reports indicate that adverse weather conditions, including heavy rainfall and hailstorms, have caused significant damage to the wheat crop in Madhya Pradesh, particularly in some districts, potentially impacting the overall yield negatively.
In Delhi, wheat prices traded higher by Rs 25 per quintal, reaching Rs 2550 per quintal. Gujarat's new wheat maintained a steady position, ranging between Rs 2500-2520 per quintal. Meanwhile, Rajasthan reported steady trading at Rs 2520 per quintal.
Uttar Pradesh witnessed strong trading in wheat, reaching Rs 2510 per quintal, up by Rs 10 per quintal. In the South-UP region, prices traded robustly at Rs 2920 per quintal. Madhya Pradesh reported wheat prices at Rs 2550 per quintal, while in the South-MP line, prices reached Rs 2875 per quintal. Despite an increase in demand for South maida due to marriage season, new wheat arrivals in Madhya Pradesh is capping the rise in prices.
Overall, wheat prices are anticipated to trade marginally firm in the near term. However, a weakening trend is expected in the short term once peak arrivals commence around March 15.
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