New Delhi. There are sufficient stocks of wheat in the central pool, and the industry and trade sectors are also reported to have adequate stocks. Offtake of wheat under the Open Market Sale Scheme (OMSS) is significantly lower than expected, and the easy supply and availability in the open market are keeping prices under considerable pressure. The next wheat crop is expected to be excellent, which will further increase supply. The storage limits on wheat have been removed at a time when this is unlikely to have any significant impact on the market.

During the week of January 31st to February 6th, wheat prices saw limited fluctuations amidst normal trading. In Delhi, wheat prices improved by Rs. 20 to Rs. 2790/2810 per quintal, and in Dewas, they increased by Rs. 100 to Rs. 2350/3000 per quintal, but in Ujjain and Rajkot, prices decreased by Rs. 100 per quintal.

In Delhi, daily arrivals of wheat were 3-4 thousand bags at the beginning of the week, which increased to 8-9 thousand bags in the later days. Prices strengthened by Rs. 100 in Itarsi. Prices remained stable in Rajasthan markets, while they weakened in Uttar Pradesh. No change was observed in the Jalna market of Maharashtra.

In government wheat procurement, only millers/processors in states like Punjab, Haryana, Uttar Pradesh, and Assam are showing significant interest, while the pace of procurement is slow in the remaining states. Wheat prices are soft in the open market, and there is very little possibility of a significant increase in the near future. The government has approved the export of 5 lakh tonnes of wheat products, but this is not having any psychological impact on wheat prices.