Jodhpur, April 1 (Commoditiescontrol) Wheat prices across India showed a mixed trend today, with some regions seeing declines while others held steady. Increased arrivals put downward pressure on prices, but active government procurement helped to stabilize the market.
In Delhi, prices fell by INR 50-75 per quintal, trading at INR 2480-2500. Rajasthan and Gujarat also saw modest declines, with new wheat trading at INR 2490 and INR 2500-2510 per quintal respectively. Uttar Pradesh maintained a steady price of INR 2500 per quintal. Southern markets saw slightly higher prices, with Hyderabad's MP new wheat line at INR 2710 per quintal and Bangalore's spot MP line at INR 2730.
The central government has indefinitely extended a requirement for the wheat industry to declare stock levels, a policy shift that was previously set to expire on March 31st. This move has traders concerned about potential reintroduction of stock limits, depending on market prices.
Adding to the uncertainty, isolated thunderstorms with gusty winds were reported in parts of Madhya Pradesh, Punjab, and Haryana-Chandigarh-Delhi. In Punjab, several areas experienced rain, strong winds, and even hailstorms, raising concerns about potential crop damage. While wheat yields can be affected by severe weather, officials and traders are hopeful that the crop is mature enough to minimize losses.
Market sentiment remains cautious, with stockists hesitant to make large purchases in light of the potential for reimposed stock limits. This suggests that neither a sharp rise nor a significant drop in wheat prices is likely in the near future keeping prices rangebound.
(CommoditiesControl Bureau; +91-9820130172)
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