New Delhi, April 29 (Commoditiescontrol): In the early morning session on Monday, wheat prices in Uttar Pradesh (UP) remained firm as slower than expected arrivals, coupled with active stockists, continued to boost the market.
At the Hardoi mandi, wheat prices stood firm, witnessing an increase of INR 30 per quintal, reaching INR 2320-2330 per quintal in the morning session. Today's arrivals were noted at approximately 30,000-35,000 bags, falling below earlier projections as a significant portion of farmers appeared to be holding onto their stocks. Both stockists and major corporations exhibited robust buying activity in the region, indicating a likelihood of wheat prices trading steady to firm in the near term.
Meanwhile, in the Chhindwara mandi, new wheat prices surged to INR 2300-2700 per quintal, marking a significant increase of INR 100 compared to the previous week. Rack buyers were seen purchasing wheat at INR 2400-2410 per quintal in this area. Despite relatively higher wheat sowing by approximately 10-15%, daily arrivals of around 25,000 bags were reported, albeit with quality concerns due to recent rains causing approximately 20% damage.
The majority of wheat deliveries are being directed towards the Hyderabad zone, with the remaining portion allocated to local millers and stockists. Active buying was observed from both stockists and buyers in the Hyderabad zone, with a notable participation from multinational companies in stocking wheat.
In the South (Hyderabad), new wheat line prices rose by INR 40 per quintal to INR 2870 per quintal, while the spot Bangalore MP line also saw an increase of INR 40 per quintal, reaching INR 2920 per quintal (with a 4% cash discount applicable on the above rates). Anticipated increase in rake movement in the coming days further contributes to the positive outlook of the market.
Analysts suggest that with the current demand, wheat prices are likely to maintain steady to firm trend in the near future.
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