Wheat prices in the domestic spot market fell by 4.5 per cent over the last five days following government's decision to offload 3.65 lakh tonne wheat in various states in February and March. Prices in New Delhi's Lawrence Road mandi has slipped from Rs 1100 a quintal to Rs 1050 since February 17. | |
| "Arrival of the new crop in Madhya Pradesh, Rajasthan and Gujarat resulted in fall of prices. The government's release will further put pressure on prices", said a commodity analyst with Karvy. |
| |
| Prices may go down to Rs 1000 levels over the next two weeks, he said. |
| |
| The country is expected to harvest a bumper wheat crop this year as a result of increased acreage. According to the second advance estimates by the agriculture ministry, wheat production in the present rabi season is likely to be 72.5 million tonne against 69.5 million tonne last year. |
| |
| The government has banned wheat exports in 2007 to ensure adequate supplies in the domestic market. At the National Commodities and Derivatives Exchange (Ncdex), wheat futures for March delivery fell from Rs 968 to Rs 949 per quintal over the same period. |
| |
|
| |
