Weekly Review-Wheat

13-Jul-2024 03:49 PM

Pressure on wheat prices due to possibility of sale in OMSS

New Delhi. On one hand, the Central Food Ministry has imposed stock limit on wheat, on the other hand, it has also decided to start its sale under the Open Market Sale Scheme (OMSS). For this, the reserve price of wheat has been fixed, which will become effective from August 1. It is expected that the Food Corporation of India will start the process of weekly e-auction of wheat from the first week of August.

Delhi

During the week of July 6 to 12, pressure increased on the wholesale market price of wheat due to government agencies and it fell. In Delhi, the price of wheat from UP / Rajasthan softened by Rs 20 to Rs 2660/2670 per quintal. In Rajkot, Gujarat, it fell by Rs 100.

Madhya Pradesh

Similarly, the price of wheat fell in various mandis of Madhya Pradesh. There its price fell by 50 rupees in Indore to 2500/3100 rupees per quintal and 300 rupees in Dewas to 2500/3300 rupees per quintal. There was a decline of 50 rupees in Dabra also. In other mandis of the state, the price of wheat remained at the previous level or there was a slight increase or decrease in it.

Rajasthan

In Rajasthan, the price of wheat fell by 76 rupees in Kota mandi to 2450/2600 rupees per quintal but improved a bit in Baran and Bundi. Despite limited arrival in the mandis of Uttar Pradesh, the price of wheat remained soft. It is understood that the focus of flour millers and processors has shifted to government wheat. However, the Food Corporation's wheat will not be much cheaper this time because firstly its reserve price has been fixed at Rs 2325 per quintal for FAQ and Rs 2300 per quintal for URS which is higher than the government support price of Rs 2275 per quintal and secondly, freight charges will be added separately. Another special thing is that this time the stock of the previous season will also be sold at the same price whereas at that time the support price was fixed at Rs 2125 per quintal.