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Wheat Prices Steady to Firm as Government OMSS Plans Uncertain

26 Sep 2024 5:50 pm
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New Delhi, September 26 (CommoditiesControl): Wheat prices remained steady to firm across major centers on Thursday, supported by ongoing buyer demand and reports that the government is not considering the Open Market Sale Scheme (OMSS) in the near term.

Active buying by traders has been met with reluctance from sellers to part with their stock at current rates, resulting in a price increase of approximately INR 100-150 per quintal over the past two weeks. The government has recently increased the Public Distribution System (PDS) allocation by 3.5 million tons to 21.7 million tons. However, the available stock for OMSS has dwindled from around 5 million tons to just 1.5 million tons, which is insufficient to meet current market demands. This situation may lead to higher wheat prices in the coming months.

In specific markets, Delhi saw prices rise by INR 250 per ton to reach INR 29,300 per ton. In Uttar Pradesh, prices increased by INR 50 to INR 28,150 per ton, while Uttarakhand also rose by INR 50 to INR 28,250 per ton. The Southern market experienced a significant uptick of INR 500 per ton, reaching a robust INR 31,800 per ton. Madhya Pradesh and Rajasthan prices increased by INR 200 to INR 28,300 per ton, while Gujarat prices remained steady at INR 28,200-28,300 per ton. Kolkata prices held steady at INR 30,100 per ton.

Bran prices have also firmed up, driven by strong demand from Bangladesh, currently trading at INR 22,500 per ton in Northern markets.

With physical supplies already constrained and the likelihood of OMSS appearing slim in the near future, wheat prices are expected to remain steady to firm in the short term.



(By Commoditiescontrol Bureau; +91 9820130172)


       
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