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Wheat prices down by Rs 200 a quintal over a month

Written by: Staff
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New Delhi, Apr 9 (UNI) With the arrival of fresh domestic crop from Madhya Pradesh and other producing centres, the prices of wheat declined by over Rs 200 a quintal in the northern belt in the last one month.

Wheat prices continued to move southwards in the wholesale market from Rs 990/1000 last month to Rs 770/775 per quintal till date.

A leading grain dealer here attributed the reason for subdued prices of wheat to release of the commodity in the market from the Food Corporation of India and some through the diversion route from ration shops.

He said till recently the supplies were coming to the national capital from neighbouring States. However, the demand has also emerged from those states which strengthened the prices, to a little extent.

The dealer, however, said that the imported wheat will not have any impact on the prices in the northern region as it is meant for the southern region only.

Prices of wheat had touched the Rs 1200 a quintal mark couple of months back owing to demand from southern states prompting the Government to import half a million tonnes to meet the shortfall.

The Second Advance Estimates, released by the Government, recently have indicated better crop prospects in the current year.

The first shipment of imported wheat is expected to arrive at a port in the southern region by early next week.

Earlier, Agriculture Minister Sharad Pawar said the government was planning to float a new tender to import wheat, in addition to 500,000 tonnes already contracted.

He said additional 1.5 million tonnes could be imported to meet any contingency.

The procurement which started from April 1 looked promising, though there was damage to the crop from rains and hailstorms that recently hit Madhya Pradesh.

Last year wheat production dwindled to 72 million tonnes forcing the government to go in for imports.

India and Pakistan are also considering a barter trade arrangement for various commodities and the proposal under consideration is that sugar could be bartered for wheat from Pakistan.

UNI BBS VD GC1029

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