New Delhi, March 12 (CommoditiesControl): Wheat prices experienced a mixed and slightly bearish trend across major centers, as both buyers and sellers adopted a cautious stance amid uncertainty surrounding government policies on stock limits.
In Delhi, prices held steady at Rs 2750 per quintal today, but the market witnessed limited activity from buyers. The prevailing uncertainty about the government's stock limit policy has kept participants on the sidelines.
The Indore region stands out, with most of the arriving wheat exhibiting higher moisture content. This has led many bulk buyers to deduct claims due to the moisture issue.
Gujarat witnessed new wheat prices trading in the range of Rs 2500-2510 per quintal, with loose mandi prices at Rs 2350 per quintal.
In Eastern and Southern India, some bulk buyers reduced wheat prices by Rs 20-30 per quintal during the evening session. The UP market also traded weaker by INR 10 per quintal at Rs 2640 per quintal. The majority of supplies are directed towards the Delhi market, as South millers opt for purchases from Madhya Pradesh and Gujarat. The South-MP wheat line is trading at Rs 2700 per quintal. Kolkata witnessed steady wheat prices at Rs 2830 per quintal.
In Madhya Pradesh, new wheat mandi prices dipped to Rs 2350-2360 per quintal, down by Rs 10 per quintal. Millers are the primary buyers of the new wheat, while stockists remain cautious due to stock limit norms.
Rajasthan maintained stability in wheat prices at Rs 2510 per quintal. However, the uncertainty over the duration of the stock limit, with the current notification extending until March 31, has raised concerns among bulk buyers and stockists. The lack of clarity on whether the stock limit will persist beyond March 31 has resulted in a hesitancy to engage in stocking activities.
As bulk stockists remain inactive, a slight decline in wheat prices is anticipated in the near term amid increasing arrivals. The wheat market's trends will significantly depend on govt policies regarding stock limits. An extension of the stock limit declaration could potentially lead to a decline of Rs 50-100 per quintal, while non-extension may result in an increase of Rs 50-100 per quintal.
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