New Delhi, April 4 (CommoditiesControl): Wheat markets observed a steady trading pattern with a negative bias across major centers, as rising arrivals exerted pressure on prices. The market sentiment was further influenced by an informal advisory from the government urging private traders to refrain from purchasing wheat, a directive not seen since 2007. Meanwhile, procurement activities surged, reaching 3.93 lakh tons primarily in Madhya Pradesh.
In Delhi, wheat prices traded steadily at INR 2500-2520 per quintal. Rajasthan witnessed stable trading for new wheat at INR 2490-2500 per quintal, with arrivals ranging between 20000-22000 MT. Gujarat also reported stable trading for new wheat at INR 2500-2510 per quintal.
The Uttar Pradesh market remained steady at INR 2500 per quintal, with new arrivals totaling 8000-10000 tons, while loose mandi rates stood at INR 2351 per quintal. In Madhya Pradesh, wheat prices saw a marginal increase of 10-20 per quintal, trading at INR 2525 per quintal ex-mill.
In South India, Hyderabad witnessed new wheat line trading at INR 2710 per quintal, while spot Bangalore reported prices at INR 2730 per quintal. May forwards for Uttar Pradesh wheat were traded at INR 2680-2700 per quintal.
Kolkata saw steady trading for wheat at INR 2580 per quintal, with supplies sourced from Bihar and Uttar Pradesh. Bihar's new wheat prices remained stable at INR 2480 in the Samastipur zone.
The extension of the stock declaration requirement for the wheat industry beyond March 31 was announced by the Centre. Although the stock limit expired on March 31, traders remain cautious amid speculation regarding the reimposition of the limit based on market conditions.
Reports indicate a significant decline in Madhya Pradesh's production by 8-10% due to frost conditions in January-February, potentially supporting wheat prices in the medium term. However, cautious sentiments among private traders may restrict aggressive stocking activities in the near term, limiting sharp price movements.
While the market remains cautious, active government procurement is expected to mitigate sharp declines in prices. As a result, any significant fluctuations in wheat prices are deemed unlikely in the near term.
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