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Wheat Prices Firm as Govt Maintains Auction Quantity

20 Jan 2025 6:06 pm
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New Delhi, January 20 (CommoditiesControl): Wheat prices showed a firm trend today, supported by the government's decision to maintain the same quantity of 1.5 lakh tons in the upcoming auction. This stability helped provide support to prices across key markets.

In Delhi, wheat prices increased by Rs 100 per quintal to Rs 3,320 per quintal. Uttar Pradesh saw a rise of Rs 20 per quintal, with prices settling at Rs 3,110 per quintal. Madhya Pradesh traded up by Rs 40 per quintal at Rs 3,140 per quintal, while Gujarat prices rose by Rs 30-40 per quintal, reaching Rs 3,130 per quintal.

Rajasthan also saw an increase of Rs 20 per quintal, with prices at Rs 3,130 per quintal. In Bihar, wheat prices remained steady at Rs 3,100 per quintal, and Kolkata prices held steady at Rs 3,210 per quintal. Bengaluru saw the most significant rise, up by Rs 50 per quintal, with prices touching Rs 3,450 per quintal.

The Food Corporation of India (FCI) has decided to keep the same quantity of 1.5 lakh tons of wheat for the weekly auction, a decision that helped stabilize prices after concerns earlier last week about a possible increase in the auction quantity. This move is expected to keep wheat prices steady to firm in the near term.

While wheat prices had declined sharply last week amid reports that the government might increase the auction quantity, the confirmation of the unchanged quantity is expected to provide some price support. However, significant price increases are unlikely, as buyer activity is expected to remain subdued with the new wheat crop expected to arrive in a few weeks. Market participants will be closely watching the tender announcement for the auction scheduled for January 29 to gauge further market direction.


(By Commoditiescontrol Bureau; +91 98201 3018)


       
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