New Delhi, May 10 (CommoditiesControl): Wheat prices continued to exhibit a steady trend with a positive bias across major centers, as buyers found themselves compelled to quote higher prices amidst sellers' reluctance to sell at lower rates. The declining arrivals in North India, coupled with active government procurement in some states, provided ongoing support to prices.
In Gujarat, wheat buying showed improvement compared to previous days, resulting in prices being quoted higher by INR 5-10 per quintal at INR 2,575-2,585 per quintal. However, buyers displayed a lack of aggression in purchasing, reflecting sluggish offtake for processed wheat products.
In Delhi, prices traded steadily at INR 2,480 per quintal, while Rajasthan's new wheat maintained stability at INR 2,570 per quintal due to robust demand. Bengaluru witnessed steady trading at INR 2,840-2,850 per quintal (net), and Madhya Pradesh wheat traded at INR 2,550-2,560 per quintal ex-warehouse. Meanwhile, Uttar Pradesh prices remained steady at INR 2,410-2,420 per quintal.
As the offtake for processed wheat products typically improves from June onwards, the current scenario suggests declining arrivals in mandis, indicating that stocks are now being held by relatively strong farmers who are not actively selling wheat at current rates.
Looking ahead, wheat prices are expected to maintain a steady to firm trajectory in the near to medium term. However, a significant rise in prices seems unlikely for now, especially if the government begins selling wheat in the open market at relatively lower rates.
(By CommoditiesControl Bureau: +91-9820130172)
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