Wheat Prices Exhibit Steady to Weak Trends Across Major Centers

New Delhi, February 28 (Commodities Control): Wheat prices continued to trade steady to weak across major centers as increasing arrivals exerted pressure on the market. Sentiments were further dampened amid the possibility of a bumper wheat harvest, contributing to the prevailing weakness.

In Delhi, a modest price recovery was observed, with an increase of Rs 75 per quintal, reaching Rs 2600 per quintal. Reports of a potential closure of auctions by the Food Corporation of India (FCI) in the coming weeks played a role in the price recovery. Additionally, there are reports of significant damage to the wheat crop in some districts of Madhya Pradesh due to heavy rainfall and hailstorms, potentially impacting yields, providing support to the prices.

Key regional price trends were as follows:
- Gujarat: New wheat traded steady at INR 2500-2520 per quintal.
- Rajasthan: Wheat prices remained steady at INR 2500-2520 per quintal.
- Uttar Pradesh (UP): Wheat traded weak at INR 2500 per quintal, a decrease of INR 10 per quintal. South-UP line traded weaker by INR 20 per quintal at INR 2900 per quintal.
- Madhya Pradesh (MP): Wheat prices traded at INR 2550 per quintal, while South-MP line traded down by INR 50 per quintal at INR 2825 per quintal due to new wheat arrivals in the Ratlam and Dewas regions.

Overall, the wheat market is anticipated to trade marginally firm in the near term but is expected to weaken in the short term, especially as peak arrivals are projected to start around March 15.