Wheat prices may touch a fresh high in few days

The wheat processing industry — which manufactures aata (wheat flour) — fears the price of the staple is about to create a fresh high in a few days. The wholesale prices of wheat have been hovering near the psychologically sensitive level of Rs 30 per kilogram at major consuming centres of the country, said traders and processors. In most parts of the country, wheat prices are trading in the range of Rs 27/kg to Rs 29.50/kg, which is 30-40% above the minimum support price (MSP) of Rs 20.15/kg.

“The current wheat prices are the highest ever recorded. During the past four months, prices have gradually increased from `23/kg to Rs 29/kg,” said Rajesh Jain Paharia, a Delhi-based exporter of wheat.

After having initially encouraged exports at the beginning of 2022-23 wheat season, India had to ban the outbound shipments as a severe heat wave reduced the country’s production.

The government decided to not sell wheat from its granariesin the open market. “There will be no correction in prices until the government intervenes in the market,” said Navneet Chitlangia, senior vice president, the Roller Flour Millers’ Federation of India.

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