Wheat Prices Remain Steady as Supply and Demand Find Balance

Mumbai, 12 Apr 2024 (Commoditiescontrol): Wheat prices across India's major trading centers continued to exhibit stability today. Sufficient supplies are meeting current demand levels, resulting in a rangebound price pattern. Active government procurement is providing support to prices, while the increasing arrival of newly harvested wheat is preventing any substantial price increases. Government wheat procurement efforts have reached 1.3 million tons as of April 12th. This strong procurement activity suggests that a decline in wheat prices from their current levels is unlikely. Weather forecasts in some districts of Punjab and Haryana have led to a full-fledged acceleration of the harvest, contributing to the stable price environment. In Delhi, prices remained steady at INR 2425-2450 per quintal. New wheat in Rajasthan traded at INR 2520 per quintal, while Gujarat reported prices of INR 2490-2500 per quintal. Uttar Pradesh markets also exhibited stability at INR 2400 per quintal, with loose mandi rates trading at INR 2300 per quintal. Madhya Pradesh wheat prices held steady at INR 2525 per quintal (ex-mill). Hyderabad reported an increase of INR 10 per quintal for MP new wheat, trading at INR 2750 per quintal. Spot Bangalore MP line also saw an upward movement of INR 10 per quintal, trading at INR 2840 per quintal. Kolkata wheat prices traded steady at INR 2570 per quintal. Private traders have begun stocking wheat, but their buying patterns are not particularly aggressive. The consistent arrival of new crop is maintaining comfortable supply levels. Consequently, any significant rise in wheat prices is considered unlikely in the near term. Active government procurement is expected to provide a floor for prices, preventing any sharp declines. Overall, the wheat market is projected to remain rangebound in the near term.

(By Commoditiescontrol Bureau; +91-9820130172)