Wheat market has not seen any significant bullishness this season. The entire season has passed, yet prices have failed to reach even ₹2,950. Around this time last year, wheat prices were trading in the range of ₹3,200–3,250. Currently, wheat in the Delhi mandi is trading at around ₹2,780 per quintal. In the past week alone, prices in Delhi have declined by ₹20. Talking about the current market trend, prices tend to weaken around the days of OMSS (Open Market Sale Scheme) auctions, followed by slight recovery over the next 2–3 days, until the next auction arrives. Due to this cycle, wheat prices in the Delhi mandi have been stuck in the range of ₹2,750–2,800. With the next OMSS auction scheduled for tomorrow, mild pressure on prices has started to build again. Despite a continuous decline in wheat sales under the government’s OMSS, the government is steadily increasing both availability and bidding limits. Looking at the data: • In the third tender, 89,000 tonnes of wheat were sold • In the fourth tender, sales declined to 88,000 tonnes • In the fifth tender, sales further dropped to 84,000 tonnes Even with falling sales, the government has increased the allocation in every tender. In tomorrow’s tender, a total of 1,26,000 tonnes of wheat will be offered. As per the rules, there is no change for millers with Low Tension (LT) connections. However, for High Tension (HT) connection millers, the bidding limit has been increased by 200 tonnes, allowing them to bid for up to 600 metric tonnes. Government wheat sales under OMSS are declining mainly because stockists still hold large quantities of private wheat, which is cheaper and more economical for millers compared to government wheat. If sales continue to remain weak, the government may consider discontinuing OMSS. Our estimate is that the last two tenders of this month may not open for all states. Additionally, tomorrow’s tender sales could decline further by 5,000–10,000 tonnes. From mid-February, harvesting and fresh arrivals of new wheat will pick up pace in Gujarat and most parts of Madhya Pradesh. This could lead to a further price decline of up to ₹100 in new-crop states. At present, good availability of wheat continues in regions such as Sasaram, Mohania, and Buxar. However, in the upcoming season, large MNC companies are planning to purchase less than their full capacity, which may keep the market sentiment weak. If you are holding wheat stock, it may be advisable to liquidate, as prices in Delhi are expected to remain within the ₹2,700–2,800 range for the rest of the month. As per the current market trend, wheat prices are likely to fluctuate within ₹2,750–2,800, with minor ups and downs of ₹5–10.