New Delhi, April 10 (CommoditiesControl): Wheat prices have remained largely unchanged today, reflecting a balance between increasing arrivals and government intervention.
In Delhi, prices held steady within the range of Rs 2425-2450 per quintal, while Rajasthan saw new wheat trading at Rs 2520 per quintal alongside arrivals ranging between 28000-30000 MT. Similarly, Gujarat reported stable prices at Rs 2490-2500 per quintal for new wheat.
Meanwhile, Uttar Pradesh maintained its market stability at Rs 2400 per quintal, with loose mandi rates holding at Rs 2300 per quintal. In Madhya Pradesh, wheat traded at Rs 2525 per quintal ex-mill, reflecting consistency in pricing.
However, South India witnessed a slight downturn in prices, with Hyderabad's Madhya Pradesh new wheat experiencing a decrease of Rs 10 per quintal, settling at Rs 2740 per quintal. Bangalore also witnessed a similar trend, with the Madhya Pradesh line trading down by Rs 10 per quintal, reaching Rs 2830 per quintal.
The Kolkata market, on the other hand, saw stability with wheat prices trading at Rs 2570 per quintal, with supplies mainly sourced from Bihar and Uttar Pradesh. In Bihar, new wheat prices remained steady at Rs 2380 per quintal due to the influx of new crop arrivals in Barauni.
Government procurement efforts have been robust, with wheat procurement reaching 927578 MT by April 9th, 2024, predominantly centered in Madhya Pradesh. The government's ambitious target stands at 30 million tons of wheat procurement for the current marketing season.
In contrast, a private agency has estimated the country's wheat production at 105.6 million tons, marking a 2.7 million-ton increase from the previous year. Although slightly lower than the government's estimate of 112 million tons for 2023-24, these numbers still signal a significant surplus, indicating a bumper crop year.
Amidst cautious sentiments prevailing in the market, many private traders are hesitant to aggressively stock wheat in the near term. The continuous influx of new arrivals ensures ample supply, making any sharp price increases unlikely in the immediate future.
Conversely, a substantial decline in prices also appears improbable due to active government procurement initiatives, which act as a buffer against price depreciation.
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