New Delhi, April 5, 2024 (Commoditiescontrol): After experiencing weakness in previous sessions, wheat prices exhibited a mixed trend across major centers, with active government procurement providing support in some markets while increasing arrivals capped the rise in prices.
In Kota mandi, around 1.25 lakh bags arrived, with mill quality prices quoted at INR 2325-2400 per quintal, marking a modest increase of INR 25 compared to yesterday's rates. Despite rising arrivals, mill quality wheat prices in Kota mandi have remained relatively stable in the range of INR 2300-2450 since March, suggesting that prices are already nearing their bottom.
In Delhi, prices traded steady at INR 2500-2520 per quintal, while Rajasthan new wheat remained steady at INR 2490-2500 per quintal with arrivals totaling 20,000-22,000 MT. Conversely, Gujarat witnessed a weaker trend, with new wheat prices declining by INR 20 per quintal to INR 2490 per quintal.
In Uttar Pradesh, the market traded weaker by INR 20 per quintal at INR 2480 per quintal, with new arrivals ranging from 8000-10,000 tons and loose mandi rates trading at INR 2351 per quintal. Meanwhile, Madhya Pradesh wheat prices remained steady at INR 2525 per quintal ex mill.
In the southern region, Hyderabad witnessed an increase of INR 40 per quintal in MP new wheat line, trading at INR 2750 per quintal, while spot Bangalore MP line traded at INR 2820 per quintal.
Kolkata saw an uptick of INR 10 per quintal in wheat prices, reaching INR 2590 per quintal. Supplies from Bihar and Uttar Pradesh contributed to the market, with Bihar new wheat prices trading steady at INR 2480 in the Samastipur zone.
Furthermore, the Central government intends to significantly increase wheat procurement from Bihar, Rajasthan, and Uttar Pradesh, potentially reaching 50 LMT in the Rabi marketing season 2024-25, up from last season's 6.5 lakh MT, as stated by a senior food ministry official.
Reports indicate a major decline in Madhya Pradesh's wheat production by 8-10% due to frost conditions in January and February. This factor may support wheat prices in the medium term.
Amid cautious sentiments, a considerable number of private traders may refrain from aggressively stocking wheat in the near term. Consequently, any sharp rise or decline in wheat prices appears unlikely in the near future, with active government procurement expected to provide stability.
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