Mumbai, March 11, 2024 (Commoditiescontrol):Wheat prices traded higher across major Indian centers today following Madhya Pradesh's announcement of a bonus INR 125 per quintal on top of the existing MSP of INR 2275. The Government of India's aggressive procurement plans are further supporting prices.
Delhi prices rose by INR 125 per quintal to INR 2750-2775. Gujarat new wheat prices increased by INR 20 per quintal due to reduced wheat production stemming from increased cumin acreage. Uttar Pradesh prices rose INR 50 to INR 2650 per quintal. Supplies are largely directed toward Delhi as southern millers source from Madhya Pradesh and Gujarat (INR 2710-2720 per quintal).
Madhya Pradesh new wheat is trading at INR 2500 per quintal (ex-warehouse), with mandi prices at INR 2360-2370. Millers are the primary buyers, while stockists are constrained by stock limit norms. Rajasthan wheat prices remain steady at INR 2510 per quintal.
Recent heavy rains and hail in India's wheat belt raised concerns about harvest damage. Approximately 1.5 lakh hectares of wheat and rapeseed in Punjab were affected, with assessments underway.
However, experts at the Indian Council for Agricultural Research (ICAR) suggest the weather change has lowered temperatures, benefiting the crop. The rains will reduce irrigation needs, and smaller-sized hail can enrich the soil with nitrogen.
Wheat supplies are expected to remain comfortable in the coming weeks, with harvests anticipated in central and northern Gujarat, Rajasthan, and Madhya Pradesh by late March. Government procurement plans make significant price declines unlikely.
0 Comments 
Post Comment 
