Mumbai, March 21 (CommoditiesControl): After trading with a mix of steady to weak sentiments, wheat prices showed resilience and traded steady to slightly firm across major centers today, supported by improved stockists' buying activity.
In the Indore mandi, mill quality wheat prices were quoted at Rs 2400-2425 per quintal, marking an increase of Rs 25 per quintal from the previous session. Despite arrivals progressing steadily throughout March, prices in the Indore region have not dipped below Rs 2360-2380 per quintal, indicating that wheat prices are nearing their bottom. With the government set to procure wheat at Rs 2400 (with an additional bonus of Rs 125) in this region, stockists foresee no further decline below this level.
However, there is negative news from Uttar Pradesh, as no rake movement will be permitted from the Shahjahanpur zone in April. This development impacts the transportation of a significant number of rakes to the South region, typically originating from Shahjahanpur.
In other markets, Delhi prices rose by Rs 50 per quintal to Rs 2650 per quintal, while Gujarat new wheat prices remained steady at Rs 2460-2480 per quintal. Uttar Pradesh market saw an increase of Rs 40 per quintal, trading at INR 2600 per quintal. In Hyderabad, the new wheat line from Madhya Pradesh traded up by Rs 30 at Rs 2670 per quintal, while the spot Bangalore Madhya Pradesh line remained steady at Rs 2750 per quintal. Kolkata wheat prices rose by Rs 10 per quintal to Rs 2710 per quintal, and Bihar prices also saw an increase of Rs 10 per quintal, trading at Rs 2520 per quintal.
Considering the current market scenario, wheat prices are expected to remain steady to firm in the near term. However, a sharp rise in prices is unlikely as the government is selling wheat at relatively lower rates until July. Overall, purchasing wheat at current rates appears to be a prudent strategy, as any significant decline from current levels seems improbable.
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