New Delhi, April 3 (Commoditiescontrol): Wheat prices traded steadily with a negative bias across major centers, primarily due to increasing arrivals putting pressure on prices. Additionally, the government informally advised private traders to refrain from purchasing wheat, marking its first such guidance since 2007.
In Delhi, prices remained steady at INR 2500 per quintal, while in Rajasthan, new wheat traded at INR 2490-2500 per quintal with arrivals recorded at 20,000-22,000 MT. Gujarat saw new wheat trading steadily at INR 2500-2510 per quintal.
The Uttar Pradesh (UP) market also maintained stability at INR 2500 per quintal, with new arrivals totaling 4000-5000 tons, and loose mandi rates at INR 2351 per quintal. Meanwhile, Madhya Pradesh (MP) witnessed a slight increase of 10-20 per quintal, trading at INR 2525 per quintal ex-mill.
In South India, MP new wheat line traded at INR 2710 per quintal in Hyderabad, while spot prices in Bangalore stood at INR 2730 per quintal. May forwards for UP wheat were being traded at INR 2680-2700 per quintal.
Kolkata saw wheat prices remaining steady at INR 2580 per quintal, with supplies coming from Bihar and UP. Bihar's new wheat prices traded steadily at INR 2480 in the Samastipur zone.
The Centre extended the stock declaration requirement for the wheat industry indefinitely beyond March 31, with traders wary of potential reimposition of stock limits depending on market prices.
Reports indicate a significant decline in MP production by 8-10% due to frost conditions in January-February, potentially supporting wheat prices in the medium term.
Given the cautious sentiments, a significant number of private traders may refrain from aggressively stocking wheat in the near term, thus limiting any sharp price rises. Conversely, active government procurement would prevent sharp declines in prices.
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