Wheat Prices Maintain Steady Trend Amid Increasing Arrivals

New Delhi, April 2 (Commoditiescontrol): Wheat prices across major centers traded on a steady note with a slight negative trend, influenced by rising arrivals.

Here's a snapshot of the market trends:
- Delhi: Prices remained steady at INR 2500 per quintal.
- Rajasthan: New wheat traded steady at INR 2490-2500 per quintal with arrivals ranging from 20000-22000 MT.
- Gujarat: New wheat prices also traded steady at INR 2500-2510 per quintal.
- Uttar Pradesh: Market prices held firm at INR 2500 per quintal, with arrivals reported at 4000-5000 tons. Loose mandi rates were observed at INR 2351 per quintal.
- South (Hyderabad): MP new wheat line traded at INR 2710 per quintal, while spot Bangalore MP line traded at INR 2730 per quintal. May forwards were being traded at INR 2680-2700 per quintal for UP wheat.
- Kolkata: Wheat prices remained steady at INR 2580 per quintal, with supplies sourced from Bihar and UP. Bihar new wheat prices traded steady at INR 2480 in the Samastipur zone.

In other significant developments, the Centre has indefinitely extended the stock declaration requirement for the wheat industry beyond March 31, with traders being cautious about the possibility of reimposition of stock limits depending on the open market price.

The Department of Food and Public Distribution directed traders and processors to declare their stock position on the portal effective April 1, 2024, and every Friday thereafter until further orders.

In Uttar Pradesh, private traders and commission agents are prohibited from procuring wheat until April 20 in major mandis like Shahjahanpur, with FCI setting a procurement target of 4 lac tons in the Shahjahanpur zone.

Weather disturbances were reported in Madhya Pradesh, Punjab, and Haryana-Chandigarh-Delhi, with thunderstorms and gusty winds recorded at isolated places. Rain accompanied by strong winds and hailstorms affected several parts of Punjab, potentially impacting wheat yields.

While the crop is still maturing in Punjab and Haryana, officials and traders anticipate minimal damage due to lodging and hailstorms in some areas.

Given the cautious approach of stockists and active government procurement, any significant fluctuations in wheat prices in the near term are deemed unlikely.