The government has issue new directives setting guidelines to wholesale wheat traders allowing them to store wheat only within a prescribed limit. Although the Indian government’s warehouses have sufficient storage capacity, there has been a decrease in wheat procurement compared to last year. This new storage policy has been implemented by the government with the objective of curbing hoarding and ensuring that there little or no direct impact on wheat prices for the general consumer and wheat is available to the retailers and consumers.
Last year in May 2022, that the Government of India had banned the export of wheat. this, was to curve jump in the prices of wheat, on account of the Ukraine-Russia war.
The wheat prices in major markets in the month of June is lending credence to the fact that the price of wheat have remained strong in the month of June as compared to the same period last year.
In Delhi's leading wheat market Narela, during the month of June 22 the average price of wheat per quintal was at Rs 2100 per metric ton. In the year 2023, the average price in Narela market was Rs.2300 per quintal.
The average price of wheat in June 22 in the Commodity markets of Maharashtra was Rs. 2250 per quintal which in the same month this year ranged from Rs. 2250 to Rs. 2300 per quintal. According to the third estimate food grains/cereals production released by the Indian Ministry of Agriculture, the production of wheat crop in India will exceed the government target of 112 million tonnes. India's total estimated annual consumption of wheat is 108 million metric tonnes. These are encouraging signs and with astute distribution and strick supply management wheat prices should not sky rocket in India.
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