New Delhi, January 23 (CommoditiesControl): Wheat prices remained largely stable across major markets today, as current supplies were seen as sufficient to meet present demand. While buyers were slightly more active at select centers to fulfill their immediate crushing requirements, the overall market sentiment remained cautious.
In Delhi, wheat prices were quoted at INR 3,300 per quintal, while Uttar Pradesh traded steady at INR 3,110 per quintal. Madhya Pradesh, Gujarat, and Rajasthan also saw stable prices at INR 3,150 per quintal. Bihar wheat traded steady at INR 3,100 per quintal, and Kolkata wheat remained steady at INR 3,210 per quintal. In Bengaluru, wheat was priced at INR 3,450 per quintal, showing no significant change.
Despite the steady pricing across regions, market participants were cautious, with many waiting for the release of new tender quantities later this evening. There are ongoing discussions that the Food Corporation of India (FCI) may offer the same quantity of 1.5 lakh tons in the upcoming auction.
If the government maintains the current quantity, wheat prices are expected to trade steady to firm. However, if the FCI increases the quantity, there could be downward pressure on prices.
While there is uncertainty around the potential for price changes, any sharp rise in wheat prices seems unlikely. Buyers are expected to remain cautious, especially as the new wheat crop will begin harvesting in a few weeks in certain regions, which could further balance out the supply-demand dynamics.
Market participants will be closely monitoring the tender details, which are expected to be released on Friday, for the auction scheduled on January 29. The outcome of the auction could provide crucial direction for wheat prices in the near term.
(By Commoditiescontrol Bureau; +91 98201 3018)
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