New Delhi, Aug 6 : Prices for wheat have witnessed a significant increase to record levels of 2500 rupees per quintal thanks to a slowing of supplies and a strong demand. According to traders in Delhi The heat wave has led to a decrease in production of wheat this year, affecting the domestic supply of the crop.
Jai Prakash Jindal of Delhi Lawrence Road Mandi said that prices have been rising every day since the last few days.
“Even this morning, the rate was increased by 30 percent and currently the price is 2,550 for a quintal.In Haryana it’s the equivalent of Rs 2,400 per quintal and in Rajasthan the price is Rs .2,370 per quintal.” he said.
The prices for mandi were ranging from between Rs 2,150 and Rs 2,175 per quintal prior to the wheat export ban was declared on May 14 2022.
Jindal said that the production has been on the lower end this year, and the government didn’t stop exports at the right moment.
“A large amount of wheat was exported before the government imposed an end to exports of wheat.
It should have been put in place sooner,” he said, noting that imports of wheat will be required to meet the demands of the holidays in the coming months of October and November.
The government data showed that the export of wheat has increased in the past few years.Wheat worth $2,121.5 million was sold in 2021-22.The first four months of 2022-23 (April-July) wheat worth more than $1,190 million was sold.
The main reasons for the increase included various factors such as the global demand-supply issues, a rising in the prices of commodities in the world and conflict between major exporting nations such as Ukraine and Russia and Russia, etc.
In the meantime, sources from the government said that the Centre might adopt a few measures to meet the demand and reduce the price of wheat.
It could scrap the duty on imports of wheat.
In addition, it could limit stock holdings on wheat and require the voluntary divulgation of wheat stocks that are held by traders and stockists.
Officials stated that the purchasing of wheat has slowed due to the increased purchase of wheat by traders since the market prices of the product has shot up due to the current international geopolitical issues.
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