Wheat prices is expected to cross 3000
Due to low stock of wheat in the central pool, the decision on sale of wheat under the open market sale scheme, OMSS, could not be taken, due to which wheat prices continued to rise. Wheat prices in Delhi today increased from Rs 2820 to Rs 2840 per quintal. According to sources, under the OMSS, the central government wanted to give 25 to 30 lakh tonnes of wheat to the mills at the reserve price for November and December. But no decision was taken in the meeting of officials in this regard due to shortfall in the outstanding stock in the central pool. According to the data of Food Corporation of India, FCI, the corporation has 227.46 lakh tonnes of wheat outstanding stock as on October 1. Which is less than 468.52 lakh tonnes in the same period last year. As per the norms, the balance stock of wheat in the central pool as on October 1st should be 175.20 lakh tonnes along with 205.20 lakh tonnes including reserves of 30 lakh tonnes. According to sources, the outstanding stock in the central pool is 10-11 per cent less than the FCI figures. According to experts, import of wheat from Russia is also being considered to stop the ongoing rise in wheat prices. Along with this, there was also a discussion on imposing stock limit on wheat. Although the sowing of wheat is going on in the current Rabi season, in such a situation, if the stock limit is imposed, then there is a fear of its impact on the sowing of wheat. Considering the current prices of wheat, its sowing in the current Rabi will increase as compared to last year. Wheat prices are high in the foreign market, so imported wheat is also expensive. Wheat imported from Russia will reach the Indian port at a price of more than Rs 3,000 per quintal. Whereas at present the price of wheat in domestic mandis is less than this. Therefore, the price of wheat in the domestic market is expected to remain high for now. According to the Ministry of Agriculture, the production of wheat in the country in the crop season 2021-22 was 10.68 million tonnes, compared to 109.5 million tonnes in the previous year. However, experts believe that production will be less than the government estimate. In the current season, due to extreme heat in March, the yield per hectare was reduced in many states. Due to the reduction in production estimates, the minimum support price, MSP, procurement of wheat was reduced to 187.92 lakh tonnes in the Rabi marketing season 2022-23. reduced to 195 lakh tonnes.