Weekly Review-Wheat
12-Oct-2024 02:54 PM
Wheat price crosses Rs 3000 in Delhi- improvement in other mandis as well
New Delhi. Due to the start of off-season supply, strong demand from millers-processors and government stock not coming into the market, the wholesale mandi price of wheat generally saw a rise of Rs 25-50 per quintal during the week of October 5-11, while at some places the prices also softened a little.
Delhi
During the week under review in Delhi, the price of wheat in UP and Rajasthan improved by Rs 20 to Rs 3000/3030 per quintal. After a long time, this price has reached above Rs 3000 per quintal. The arrival of wheat in Delhi is also increasing. On October 5, only 4000 sacks arrived, which increased to 13,500 sacks on October 10. The price of wheat remained stable in Gujarat and weakened by Rs 50 in Indore and Rs 100 in Khandwa in Madhya Pradesh. On the other hand, it improved by Rs 50 in Harda and Rs 25 in Itarsi.
Rajasthan
Wheat prices increased by Rs 30-35 in Rajasthan, while some improvement was also registered in Uttar Pradesh. The price of wheat in Jalna Mandi of Maharashtra increased by Rs 100 to Rs 2600/3300 per quintal.
Price
The price of wheat is running higher than the government support price (Rs 2275 per quintal) in all the mandis, which may encourage farmers to increase its sowing area in the Rabi season this time. If the minimum support price is increased like last year, then it can reach above Rs 2400 per quintal for the 2024-25 season. In the 2023-24 season, Madhya Pradesh and Rajasthan had given an additional bonus of Rs 125 per quintal over and above the MSP on wheat. It will be interesting to see whether it is announced to be retained in the current season or not. The central government has currently ruled out the possibility of selling wheat from its stock under the Open Market Sale Scheme (OMSS).