The continuous sale of wheat by FCI under the Open Market Sale Scheme (OMSS) is clearly impacting the market. On Monday, buying activity in mandis remained sluggish, and prices declined by ₹10–20 per quintal. By evening, wheat prices in Delhi fell by ₹20 to ₹2,850 per quintal. Prices in other major markets were reported as: Narela and Najafgarh at ₹2,700, Mainpuri at ₹2,740, Shahjahanpur at ₹2,700, Rajasthan mandis around ₹2,680–2,690, Kolkata at ₹3,010, and Bengaluru at ₹3,175 per quintal. To curb hoarding until the arrival of the new crop, the government has extended the wheat stock limit till 31 March 2026. Under this, wholesale traders can hold up to 2,000 metric tonnes, retailers up to 8 metric tonnes, and millers up to 60% of their monthly installed capacity. Recently, FCI allocated around 1.075 lakh tonnes of wheat, including 25,000 tonnes to Punjab, 15,000 tonnes to Assam, 9,500 tonnes to Haryana, and 8,000 tonnes to Uttar Pradesh. The reserve prices were kept in the range of ₹2,550 to ₹2,924 per quintal. In Gujarat, wheat arrivals are expected to begin from February. This year, a record 13.24 lakh hectares were sown under rabi crops, which could increase supply in mandis such as Rajkot and Gondal and put pressure on North Indian markets. Since wheat from Gujarat is likely to be supplied directly to millers in western and southern India, demand from Punjab, Haryana, and Uttar Pradesh may weaken. Although current market prices are above the MSP of ₹2,425 per quintal, expected arrivals from Gujarat at around ₹2,550 could emerge as a viable option for large processors. Despite the government allowing the export of 0.5 million tonnes of wheat products (such as atta, maida, and suji), the market has not shown much strength. This is because exports are restricted to a limited number of millers under strict conditions, and those millers already have sufficient stocks of finished goods, reducing the need for fresh procurement. Overall, considering continuous OMSS sales by the government, limited exports, and the upcoming Gujarat crop, the likelihood of a sharp uptrend in wheat prices appears low. Prices are expected to remain range-bound within a ₹20–30 band in the near term.