New Delhi:  Due to normal arrivals in domestic wholesale markets, the resumption of the Open Market Sale Scheme (OMSS) by the Food Corporation of India, the continuation of stock limits, and sufficient stocks available with flour millers and processors, wheat trading remained weak during the week of January 17-23. This resulted in a price drop of Rs. 50-100 per quintal. However, prices in Indore increased by Rs. 200 per quintal.

During the week under review, wheat prices in Delhi fell by Rs. 65 to Rs. 2800/2820 per quintal. Prices in Madhya Pradesh markets softened by Rs. 30 to 70 per quintal. In Bundi market of Rajasthan, prices fell by Rs. 80 to Rs. 2450/2520, and in Gorakhpur, Uttar Pradesh, they dropped by Rs. 70 to Rs. 2630 per quintal. Wheat prices also declined by Rs. 50 per quintal in other major markets of Uttar Pradesh. Jalna market in Maharashtra also saw a decline of Rs. 50. Trading was subdued in the markets of major producing states.

Sowing of wheat, the most important food grain of the Rabi season, has been completed, and the area under cultivation has increased by 6.13 lakh hectares from last year's 328.04 lakh hectares to an all-time high of 334.17 lakh hectares this year, which is about 22 lakh hectares more than the five-year average area of ​​312.35 lakh hectares. Favorable weather conditions are expected to lead to a record-breaking wheat production this year.

The government's Minimum Support Price (MSP) for wheat has been increased to Rs. 2585 per quintal this year, which is Rs. 160 more than last season's MSP of Rs. 2425 per quintal. Sufficient stocks of wheat are available in government warehouses, and the supply and availability situation in the domestic market remains comfortable.

In anticipation of record production, farmers and stockists are trying to clear their old stocks. During the week of January 17-23, daily wheat arrivals in Delhi ranged from 3,000 to 6,000 bags, while in Kota, they were recorded between 4,000 and 8,000 bags.