Mumbai, 26 April 2024 (Commoditiescontrol):Wheat prices held steady across major Indian markets today, supported by ongoing stockist purchases and government procurement.
In Kolkata, prices remained unchanged at INR 2615 per quintal. Wheat arrivals in Uttar Pradesh mandis continue to remain below expectations, with only 50,000-70,000 bags arriving daily compared to projections of 1 lakh bags.
Procurement in Bihar remains active, with stockists paying competitive prices for wheat. This is likely due to the lower moisture content (around 9%) caused by higher temperatures across the region.
Government procurement has slowed, with 12.9 million tons procured to date compared to 19.5 million tons at the same time last year. Recent rains in Punjab and Haryana have raised moisture levels in wheat, delaying harvesting in those states.
Delhi prices traded steady at INR 2460 per quintal, while Rajasthan and Gujarat new wheat traded at INR 2570 per quintal due to steady demand. Prices in Uttar Pradesh were stable at INR 2430 per quintal due to low arrivals, and Madhya Pradesh wheat traded at INR 2550 per quintal ex-mill.
In the south, Madhya Pradesh new wheat in Hyderabad traded steady at INR 2830 per quintal, with spot Bangalore prices also holding at INR 2880 per quintal (4% cd applicable).
Pune line buyers are active, but some farmers are holding onto their supplies. Farmers are reporting lower yields, and given the current market conditions, wheat prices are expected to remain steady to firm in the near term.
Market participants will be closely monitoring government procurement activities and any potential changes to import duties. Reduced government procurement and lower import duties could limit significant price increases in the long term.
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