Wheat Prices Up 14% in 6 Weeks on Low Supply

Wheat prices up 14% in 6 weeks on low supply

Small traders and farmers have sold off their wheat stocks, while multinationals and big traders are holding the stocks anticipating the prices to rise further, traders said. For the first time this year, wheat from the government agency Food Corporation of India (FCI) is not available for the millers.

Wheat prices up 14% in 6 weeks on low supply

Pune: Wheat prices have increased 14% in the past six weeks, as supplies dwindled due to the monsoon season and there is demand for milling, which may now make products like flour, maida, suji, biscuits, and bread costlier.

Small traders and farmers have sold off their wheat stocks, while multinationals and big traders are holding the stocks anticipating the prices to rise further, traders said. For the first time this year, wheat from the government agency Food Corporation of India (FCI) is not available for the millers.

“Wheat prices are going up almost every day, while the availability is extremely poor,” said Navneet Chitalangia, vice president of the Roller Flour Millers’ Association.

The price of mill-delivered wheat in North India has increased from a low of ₹2,260-2,270 a quintal in June to ₹2,300-2,350 as of date. Millers think the sellers may not come to the market till prices touch ₹2,400-2,450.

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https://economictimes.indiatimes.com/news/economy/agriculture/wheat-prices-up-14-in-6-weeks-on-low-supply/articleshow/93013365.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

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