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Wheat Prices Crashed under Speculation of Extension of Govt Scheme of Free Distribution of Grains

31 Oct 2020 4:19 pm
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NEW DELHI (Commodities control) Wheat market was reeling under speculations and the prices crashed further in major markets of producing states. Wheat prices crashed up to Rs. 50 per quintal in various market including Delhi. Panic was noticed in markets due to rumors that central government may extend free and subsidized wheat scheme till March 2021. However, trade was very thin today due to confusions and reluctance among sellers and buyers.

Mill quality wheat crashed Rs. 50 to Rs. 1840-1850 per quintal in Delhi market. A trader--Mr. Rajesh Jain said that flour millers have reduced buying prices by Rs. 30-35 per quintal. Wheat prices slipped in market in the absence of buyers. Although, wheat arrival was limited at around 6000-7000 bags in Delhi mandis. Millers were not keen to buy for now because they wanted to wait and watch for future trend.


In Rajasthan, the prices fell down by Rs. 10-50 per quintal. Mill quality wheat has registered price fall of Rs. 25-30 per quintal. But higher varieties have registered fall of up to Rs. 50 per quintal. Duplicate Sharbati (4037 or Tukdi) fell by Rs. 70 per quintal. But traders told us that higher quality wheat was being sold for seeds at better prices. Today, higher quality wheat did not arrive in markets so upper price range of Duplicate Sharbati fell up to Rs. 70 per quintal.


Kanpur and Bareilly also registered price fall of Rs. 20-40 per quintal on same ground of market speculations. However, Indore and Bhopal did not see price fall. In Indore, millers have reduced prices by Rs. 30-40 per quintal.

But seller did not show interest to clinch a deal. They wanted to wait for clear guidance. Therefore, market prices remained unchanged amid lack of trade and deals.

Trade sources in Kanpur also told us that the trade was very thin. Sellers, as well as, buyers were not keen to close deals. It is to be mentioned that current free distribution scheme will end by November. This scheme had disturbed normal wheat trade because of weaker demand of Atta from lower income group consumers and diversion of PDS wheat in open market. Therefore wheat prices could not touch last year’s MSP of Rs. 1925 per quintal. It was priced as low as Rs. 1450 per quintal.

But the prices improved by Rs. 100-200 per quintal because free wheat scheme is at its fag-end now.


Commodity

Type/Variety

31-Oct

30-Oct

Change

Delhi

Wheat

Mill quality

1840-1850

1880-1900

-50

Kota, Rajasthan

Wheat

Mill quality

1620-1650

1625-1660

-10

Wheat

Duplicate Sharbati

1700-1675

1725-1800

-25

Wheat

PD

1625-1675

1650-1700

-25

Bundi, Rajasthan

Wheat

Mill quality

1625-1640

1625-1650

-10

Wheat

Duplicate Sharbati

1700-1730

1700-1800

-70

Wheat

PD

1620-1650

1625-1675

-25

Baran, Rajasthan

Wheat

Mill quality

1600-1630

1620-1650

-20

Wheat

Duplicate Sharbati

1700-1770

1700-1820

-50

Rajkot, Gujarat

Wheat

Mill quality

1700-1720

1725-1750

-30

Indore, (M. P.) Bilty

Wheat

Mill quality

1675-1700

1675-1700

0

Bhopal (M. P.) Loose

Wheat

Mill quality

1600-1625

1600-1625

0

Kanpur (U.P.)

Wheat

Mill quality

1680-1690

1710-1730

-40

Bareilly (UP)

Wheat

Mill quality

1680-1700

1700-1720

-20

(By Commoditiescontrol Bureau: +91-22-40015505)


       
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