Mumbai, March 04 (Commodities Control): Wheat prices maintained a steady to slightly firm trend across major centers as reports of the Food Corporation of India (FCI) closing wheat auctions provided support. The anticipation of government procurement at Minimum Support Price (MSP) further bolstered prices.
In the Indore mandi, approximately 7500 bags arrived, with mill quality prices quoted at INR 2350-2400 per quintal. Lokwan variety prices ranged from INR 2500-2850 per quintal. Adverse weather conditions, including heavy rains and hailstorms in major wheat-producing zones, coupled with a forecast of higher temperatures in the latter half of March, contributed to positive market sentiments.
The government's decision to halt the Open Market Sale Scheme (OMSS) for wheat, conducted since June last year, with record sales of 9.4 million tons to bulk buyers, provided support in origin markets like Bihar and Uttar Pradesh.
Market updates report Delhi trading steady at INR 2625 per quintal. Gujarat's local wheat market experienced an upward trend due to cloudy weather, reporting new arrivals with high moisture at Gondal, Junagarh, Rajkot, and Kodinar mandis at approximately 30,000-35,000 bags, priced between Rs.2300-2800. Rajasthan's wheat traded steady at INR 2500-2520 per quintal.
Uttar Pradesh witnessed strong wheat prices, up by INR 25 per quintal at INR 2575, and the South-UP line traded up by INR 25 per quintal at INR 2775 per quintal. Madhya Pradesh observed an increase of INR 50 per quintal, trading at INR 2500 per quintal, while the South-MP line traded up by INR 25 per quintal at INR 2750 per quintal due to unfavorable weather improving the demand for good quality wheat.
Government announcements of starting procurement at MSP soon, with a bonus of INR 125 per quintal in Rajasthan, supported prices. However, stockists remain cautious due to imposed stock limits and uncertainty over overall wheat supply expectations.
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