Mumbai, March 18 (CommoditiesControl): Wheat prices in various markets across the country have exhibited a mix of steady to weak trends, primarily influenced by speculation surrounding the Food Corporation of India's (FCI) reserve policies for the coming months. Talks of FCI maintaining relatively lower Open Market Sale Scheme (OMSS) reserves have impacted market sentiments.
Delayed wheat arrivals in Madhya Pradesh and Rajasthan, attributed to adverse weather conditions over the past two weeks, have added to the market dynamics. Concerns over FCI's purported decision to set reserve prices at Rs 2300 (FAQ) and Rs 2275 (URS) from April 1, 2024, until July 2024, until further orders, have further impacted sentiments.
In today's trading, wheat prices in Delhi witnessed a decline of Rs 75 per quintal, trading at Rs 2675 per quintal. In Gujarat, new wheat prices remained steady at Rs 2500-2510 per quintal, while loose mandi prices stood at Rs 2350 per quintal. Prices in Uttar Pradesh also experienced a dip, trading lower by Rs 40 per quintal at Rs 2600 per quintal.
Similarly, in South Madhya Pradesh, new wheat line prices traded lower by Rs 50 per quintal at Rs 2650 per quintal. Kolkata witnessed wheat prices trading lower by INR 50 per quintal at Rs 2730 per quintal. Meanwhile, Bihar saw a weaker market, with prices declining by Rs 50 per quintal to Rs 2530 per quintal.
In Madhya Pradesh, new wheat mandi prices ranged from Rs 2350-2400 per quintal, with rakes being traded for April from Chhindwara, Dabra, Datia, among others. Millers emerged as the primary buyers of new wheat, while stockists refrained from market activity due to stock limit norms.
Rajasthan's wheat prices remained steady at Rs 2510 per quintal. Although official notification is awaited for the aforementioned reports, market sentiments remain under pressure amid speculations regarding FCI's reserve policies. If FCI indeed sells wheat at reserve prices of Rs 2275-2300 until July, significant price rises are expected to be challenging until that period. However, any potential bumper arrivals are unlikely to cause declines exceeding Rs 100 per quintal, given the government's active procurement stance.
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