Mumbai, 09 Feb 2024 (Commoditiescontrol): Wheat prices have shown mixed trends across major Indian trading centers. This variability in pricing is attributed primarily to the improved weather conditions positively impacting the Rabi wheat crop, alongside the fresh arrivals from Gujarat and Madhya Pradesh.
As of now, the agricultural conditions hint at the potential for a bumper crop. Yet, it is crucial to note that the forthcoming two months are pivotal. Any deviation from normal temperature patterns could adversely affect wheat yields, posing a risk to the government's projected harvest of 114 million tons.
Regionally, the price dynamics show some variation. In Delhi, wheat prices saw a modest increase of INR 20 per quintal, reaching INR 2630 per quintal, driven by immediate demand from millers. Contrarily, Bihar's wheat market held steady at INR 2600 per quintal. However, Kolkata experienced a decline, with prices dropping by INR 50 per quintal to INR 2750, influenced by an influx of Open Market Sale Scheme (OMSS) supplies in local markets. This has led to a rerouting of Bihar wheat to Kolkata due to diminished demand from Kolkata's millers.
In Uttar Pradesh, the market remained stable, with prices ranging between INR 2580 to 2600 per quintal. However, demand from Southern millers has been subdued. The UP-Bengaluru line is currently trading at INR 2990 per quintal. Similarly, Rajasthan's market echoed this steadiness, with prices hovering in the same range as Uttar Pradesh. The market in Madhya Pradesh also maintained stability at INR 2600 per quintal, though OMSS supplies are exerting downward pressure on prices.
Overall, market analysts anticipate wheat prices to follow a steady to weak trajectory, influenced by typical seasonal patterns and governmental interventions in the market.
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