Mumbai, March 14 (Commoditiescontrol): Wheat prices remained stable across major markets today, with limited buyer activity contributing to the prevailing market conditions. In Delhi, prices held steady at Rs 2750 per quintal, despite subdued demand. Meanwhile, Gujarat witnessed new wheat prices trading between Rs 2500-2510 per quintal, with loose mandi prices standing at Rs 2350 per quintal.
Similarly, the Uttar Pradesh market maintained its stability at Rs 2640 per quintal, while the majority of supplies continued to flow into the Delhi market, sourced from Madhya Pradesh and Gujarat. In South India, the wheat line between South and Madhya Pradesh traded at Rs 2700 per quintal, with Kolkata seeing steady prices at Rs 2830 per quintal.
In Madhya Pradesh, new wheat mandi prices ranged between Rs 2350-60 per quintal, with millers emerging as the primary buyers. Conversely, stockists remained cautious, refraining from entering the market due to existing stock limit norms. Rajasthan witnessed steady wheat prices at Rs 2510 per quintal.
The Ministry of Agriculture revised its wheat production estimates, projecting a decrease by 2 million tons to 112 million tons from the previous forecast of 114 million tons. Despite this reduction, major wheat-producing states such as Uttar Pradesh, Punjab, Haryana, and Bihar are expected to maintain or increase their production levels, except for declines anticipated in Rajasthan, Bihar, and Maharashtra.
The government has set a conservative wheat procurement target of 30-32 million tons, with possibilities of an increase to 33.4 million tons following reports from states suggesting higher contributions to the central pool. This procurement aims to meet various requirements, including buffer stock and allocations for PDS schemes.
While wheat prices are currently trading at a premium over Minimum Support Price (MSP) due to bonus announcements in Madhya Pradesh and Rajasthan, the market remains cautious amidst uncertainties regarding government procurement policies and stock limit durations.
Harvesting delays, coupled with government intervention, are expected to dictate the price trend in the coming weeks, with potential impacts on market dynamics.
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