Weekly Review-Wheat

19-Jul-2024 07:03 PM

Wheat trade weak due to possibility of sale of government stock

New Delhi. The Union Food Ministry has allowed Food Corporation of India (FCI) to sell wheat under the Open Market Sale Scheme (OMSS) and has also fixed its reserve price at Rs 2325 per quintal for FAQ and Rs 2300 per quintal for URS. Although it has not been announced yet when the auction will start, how much quantity of wheat will be allotted and what will be the upper limit for each buyer, but it seems that wheat auction can start from August 1 or the first week of August and a quantity of 100-200 tonnes can be fixed for buyers.

Gujarat / Madhya Pradesh

Meanwhile, during the week of July 13 to 19, the price of wheat remained either stable or somewhat soft due to weak demand despite limited arrival in the domestic markets. At some places, an increase of Rs 50-100 was also recorded. In Delhi, the price of wheat from UP/Rajasthan slipped by Rs 5 to Rs 2680/2685 per quintal and in Gondal, Gujarat, it fell by Rs 25 to Rs 2475/3050 per quintal. In Madhya Pradesh, amid normal trading, the price of wheat increased by Rs 26 to Rs 100 per quintal in some mandis like Indore, Dabra, Ujjain and Itarsi.

Rajasthan

The price of wheat improved by Rs 30 in Kota, Rajasthan, while in some mandis of Uttar Pradesh, there was a marginal increase of Rs 5. In Shahjahanpur, the price is rising by Rs 14. On the other hand, the price of wheat in Jalna Mandi of Maharashtra fell by Rs 100 to Rs 2500/3200 per quintal.

Uttar Pradesh

There is a good arrival of wheat in some mandis of Uttar Pradesh, but the focus of millers/processors is now focused on government wheat, so they are making limited purchases in the mandis.