Ahmedabad, July 4 (CommoditiesControl): Wheat prices across major centers traded within a range today, showing a positive trend as current supply levels were sufficient to meet ongoing demand. Prices fluctuated between INR 20-30 per quintal, ranging from stable to slightly firm.
In Delhi, prices increased by INR 15 per quintal, reaching INR 2700 per quintal. New wheat from Rajasthan remained unchanged at INR 2680 per quintal. Both Bengaluru and MP wheat markets stayed stable, with Bengaluru trading at INR 2925 per quintal (net) and MP trading at INR 2630-2640 per quintal (ex-warehouse).
In Uttar Pradesh, prices went up by INR 10 per quintal to INR 2600 per quintal. Uttarakhand remained unchanged at INR 2620 per quintal, while Gujarat wheat traded steady at INR 2690 per quintal. Kolkata prices remained stable at INR 2750 per quintal, and in Bihar, prices increased by INR 20-30 per quintal, reaching INR 2580-2590 per quintal. Rates for Goa mill-supplied wheat remained stable at INR 2890-2900 per quintal.
According to merchants and data from the Consumer Affairs Ministry, wheat prices had previously decreased following the imposition of stock limits by the central government to prevent hoarding and maintain price stability. The all-India average wholesale price of wheat increased by 1.3% from April 1 to June 26, the date on which stock limits were implemented, according to data from the Department of Consumer Affairs. Since then, the increase has been a moderate 0.36%.
Private vendors assert that there has been inadequate moderation in prices, and prices have even increased in certain regions. They attribute this primarily to the limited supply of wheat in the market and the fact that some significant traders are still holding onto wheat stocks. They contend that there will be no significant moderation unless the Food Corporation of India begins liquidating some of its inventories.
Currently, there is a slight increase in the demand for processed wheat products, and it is anticipated that this trend will continue in the coming months as the monsoon has now reached the entirety of India. Given the current situation, it is probable that wheat prices will increase in the near future if the government fails to take any action.
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