New Delhi, May 7 (Commoditiescontrol): Following a period of weakness in previous sessions, wheat prices exhibited a steady to firm trend across major centers, with buyers compelled to quote higher prices amid seller reluctance to sell at lower rates. The decline in arrivals in North India, coupled with active government procurement in certain states, continued to provide support to prices.
In several mandis, most private players remained inactive in buying activities as government procurement initiatives took precedence. Overall, private player buying was sluggish in Uttar Pradesh.
Government procurement witnessed an increase of 0.7 million tons, reaching 23.2 million tons today. In comparison, during the same period last year, procurement stood at 24.3 million tons. It is anticipated that overall procurement will conclude at 27 million tons.
In specific regions:
- Delhi prices maintained stability at INR 2480 per quintal.
- Rajasthan's new wheat traded steadily at INR 2570 per quintal, driven by robust demand.
- Gujarat's new wheat also traded steadily at INR 2570 per quintal.
In Bengaluru, prices remained steady at INR 2840-50 per quintal (net), while Madhya Pradesh wheat traded at INR 2550-60 per quintal ex-warehouse. Uttar Pradesh witnessed steady trading at INR 2410-20 per quintal.
Significant declines in arrivals were observed in Punjab, leading buyers to face challenges in securing supplies at lower rates. Consequently, buyers in Delhi and Jammu were compelled to increase prices by INR 10-20 today.
Considering the current scenario, wheat prices are anticipated to maintain a steady to marginally firm trend in the near term.
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