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Wheat Prices Remain Rangebound as Buyers Quote Higher Amid Seller Reluctance

10 Oct 2024 6:23 pm
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New Delhi, October 10 (Commodities Control): Wheat prices across major markets traded in a rangebound manner today, with buyers compelled to offer higher prices as sellers hesitated to sell at lower rates. The ongoing Dussehra/Durga festival has led to increased buying activity from millers, who are actively sourcing wheat for the celebrations.

In key markets, prices held steady: Delhi reported wheat at INR 30,300 per ton, Uttar Pradesh at INR 28,650 per ton, and Uttarakhand at INR 28,875 per ton. The Southern market also remained unchanged at INR 32,500 per ton. Madhya Pradesh and Rajasthan prices steadied at INR 28,800 per ton, while Gujarat traded at INR 29,000 per ton (1.5% CD). Lokvan wheat in Gujarat remained steady at INR 30,200-30,400 per ton, and Kolkata saw a slight uptick of INR 300 per ton, trading at INR 30,800 per ton. Bihar prices remained stable at INR 29,600 per ton, with supplies primarily directed to Kolkata.

In a significant development, the government is expected to announce a 5% increase in the minimum support price (MSP) of wheat for the upcoming 2025-26 marketing season, raising it to Rs 2,400 per quintal. This adjustment considers market availability and global prices, potentially supporting wheat prices and encouraging sowing in key procurement states like Punjab, Haryana, and Madhya Pradesh.

The Food Corporation of India (FCI) currently holds approximately 2 million metric tons of wheat under the Open Market Sale Scheme (OMSS) and an additional 2 million metric tons reserved for unforeseen circumstances. Despite a decrease in FCI wheat stocks from 23.995 million tons last year to 23.185 million tons on October 1, the current stock is still above the buffer stock norm of 20.52 million tons, lending some support to prices.

Globally, wheat is being offered at CIF USD 270 per ton from Ukraine, with a parity of USD 70-75 per ton at zero duties. If domestic prices in the South rise by another INR 200-300 per quintal, imports could become viable under a 44% import duty scenario.

Overall, with physical wheat supplies remaining weak and the current market trends, prices are likely to remain steady to firm in the near term.

(By Commoditiescontrol Bureau; +91 98201 3018)


       
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