Wheat Price Steady In Delhi On Government’s Supply, Down Fall In Other Mandis

NEW DELHI (Commodities control) Wheat prices slipped today in many markets as exporters have reduced their buying. Down fall was noticed in mandis of Rajasthan, Uttar Pradesh and Madhya Pradesh. Steady trend remained intact in Delhi market which was getting subsidized wheat from Haryana based government’s warehouses so the prices remained range bound.

According to traders exporters have reduced wheat purchase to almost zero. Around 60-70 loaded trucks were waiting for acceptance by exporters at Kandla port. The exporters were cautiously accepting delivery as ratio of Danki and discoloured grains increased in left over wheat stocks in Rajasthan. Traders said that exporters were trying to suppress prices so they can buy new season wheat at lower rates. They were buying February and March delivery new wheat at Rs. 1900 per quintal (Ex-Kandla Port).

Down ward trend continued in Rajasthan madis consistently for last four days. Wheat prices came down around Rs. 75-100 per quintal due to weak export demand. Local millers also decreased buying prices. Today, Kota, Bundi and Baran mandis of Rajasthan’s Hadouti region recorded down fall of Rs. 25-25 per quintal. Similarly, the prices reduced by Rs. 40 in Kanpur, Rs. 25 in Bhopal and Rs. 10 per quintal in Bareilly. According to Kanpur traders, exporters were not buying wheat for railway rake loading. Earlier, They were buying wheat to sent to Kolkata from where they exported to Bangladesh.

However, Delhi market was getting Government’s wheat (RSQ season 2019-20) which is being issues at Rs. 1840 per quintal. According to traders, wheat prices in open market were range bound due to government supplies. Around 80 percent wheat out of total supplies of 7000 bags, came from Haryana based government warehouses. Therefore, the prices will pick only when RSQ wheat stock will be exhausted. FAQ wheat will be available at Rs. 2080 per quintal.