Mumbai, August 9 (Commodities Control): Wheat prices continued their upward trend across major centers on Friday, driven by uncertainty surrounding the Open Market Sale Scheme (OMSS) notification. The lack of clarity on OMSS policy has left market participants in a state of doubt, prompting many millers to aggressively seek out wheat to secure their supplies.
With OMSS delayed, many millers, who had kept low stocks in anticipation of the policy announcement, are now scrambling to purchase wheat to ensure their pipelines are filled ahead of the upcoming festive season. However, despite their efforts, many millers are finding it difficult to obtain the necessary supplies, even at higher prices.
The government has yet to initiate the OMSS, but given the ongoing upward trend in wheat prices, a policy announcement may be imminent. However, even if OMSS is launched, a rapid decrease in prices is unlikely, as both the government and the domestic market are facing tight overall supply conditions.
In Delhi, wheat prices rose by INR 200 per ton, reaching INR 27,500 per ton. New wheat from Rajasthan's Kota and Bundi regions traded steadily at INR 27,200-27,300 per ton. In Madhya Pradesh, prices held steady at INR 27,000 per ton, while in Bengaluru, prices surged by INR 700 per ton to INR 30,300 per ton, mill-delivered.
In Uttar Pradesh, wheat sold for INR 26,600 per ton, an increase of INR 100 per ton. Uttarakhand's market price rose by INR 150 per ton, settling at INR 26,650 per ton. Kolkata's price remained steady at INR 28,250 per ton. Bihar's wheat prices also held steady from the previous session at INR 26,600 per quintal. In Goa, mill supply rates increased by INR 500 per ton, reaching INR 29,500 per ton.
Given the current market scenario, wheat prices are expected to rise further in the near term.
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