New Delhi, September 5 (Commoditiescontrol): After a period of rangebound trading in recent sessions, wheat prices demonstrated a steady to firm trend across major centres today, driven by a reluctance among sellers to part with their stocks at current rates. The day's trading saw prices either holding steady or increasing by INR 10-20 per quintal at various locations.
In Delhi, wheat prices rose significantly, trading up by INR 200 per ton to reach INR 28,400 per ton. In contrast, Uttar Pradesh and Uttarakhand saw steady rates, holding at INR 27,200 per ton. Bengaluru's factory delivery prices stood at INR 30,500 per ton, with a majority of the wheat sourced from Madhya Pradesh and Uttar Pradesh. Meanwhile, Madhya Pradesh and Rajasthan maintained steady prices at INR 27,200 per ton, while Gujarat recorded a price of INR 27,400 per ton.
The reluctance among sellers to release wheat at current rates, combined with an increasing activity from buyers in major markets such as Delhi, Bengaluru, and Hyderabad, reflects a tightening supply situation. The pipeline for many buyers remains notably low, and the approaching festive season in India is expected to drive up demand for processed wheat products.
Compounding the situation is the delay in announcing the Open Market Sale Scheme (OMSS) policy, which could potentially lead to a further rise in wheat prices if physical stocks continue to dwindle.
Overall, with sellers holding back and buyers becoming more active, wheat prices are poised for potential increases in the near term as demand outpaces supply.
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