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Wheat prices record spike, touch Rs 2,500 per quintal mark in Delhi mandis

Wheat costs have seen a major rise to cross a report Rs 2,500 per quintal attributable to slower provides and sturdy demand.
NEW DELHI: Wheat costs have seen a major rise to cross a report Rs 2,500 per quintal attributable to slower provides and sturdy demand.

In keeping with merchants in Delhi, the warmth wave led to decrease manufacturing of wheat this yr, impacting the home provides of the agricultural produce.

Jai Prakash Jindal of Delhi Lawrence Street Mandi mentioned that the costs have been going up day by day since the previous couple of days.

“Even today the rate went up by Rs 30 and now the price here is Rs 2,550 per quintal. In Haryana, it is Rs 2,400 per quintal, while in Rajasthan the price is Rs 2,370 per quintal,” he mentioned.

The mandi costs have been hovering round Rs 2,150 to Rs 2,175 per quintal for the reason that ban on wheat export was imposed on May 14, 2022.

Jindal mentioned that manufacturing has been on the decrease facet this yr and the federal government didn’t cease export on the proper time.

“A lot of wheat was already exported by the time the government put a ban on wheat export. It should have been done earlier,” he mentioned, including that import of wheat will probably be wanted to satisfy the festive calls for within the upcoming months of October and November.

Authorities knowledge revealed that wheat export has elevated in the previous couple of years. Wheat valued at $2,121.5 million was exported in 2021-22. Within the first 4 months of 2022-23 (April-July), wheat price over $1,190 million was exported.

The explanations for the rise included varied elements like worldwide demand-supply state of affairs, rise in world commodity costs and battle between main wheat exporting nations like Ukraine and Russia, and so forth.

In the meantime, authorities sources mentioned that the Middle could take a number of initiatives to satisfy the demand and to curb the rising costs of wheat.

It might scrap the 40 per cent import obligation on wheat. In addition to, it will possibly additionally impose inventory holding limits on wheat and voluntary disclosure of wheat shares held by stockists and merchants.

Officers mentioned that the procurement of wheat has fallen attributable to larger buy of wheat by merchants as market value of the produce has shot up attributable to prevailing worldwide geopolitical conditions.

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