Wheat Prices Down by ₹10-12: Relief Amidst Rising Costs for the Common Man. Atta prices have witnessed a decline as consumer price index data indicates a drop in wheat prices. Wheat prices have fallen by ₹10-12, resulting in a decrease in the cost of atta in the market. Currently, atta is being sold in the market at prices ranging from ₹22-24 per kilogram. However, the likelihood of further reductions in prices is not very high.
The arrival of the new wheat crop has begun, and the production has been good this year. So far, there has been no impact of weather conditions on wheat. It is believed that wheat prices may remain above the Minimum Support Price (MSP). Packaged atta items account for approximately 3-4% of the atta market. It is suggested that branded atta production companies should consider passing on the price reductions to consumers in light of the decreasing costs.
Demand to Lift Ban on Wheat Exports On another note, there is a demand to lift the ban on wheat exports. Suggestions have been made to continue with the ban on wheat exports. Information reveals that 10.69 million metric tons (LMT) of wheat has arrived from 611 depots across 23 regions in the sixth auction of wheat conducted by the Food Corporation of India. Out of this, 4.91 LMT of wheat has been sold to 970 bidders.
Expectations of Normal Purchases It was estimated that there could be relief in atta prices soon. In February, Ashok Kejriwal, the CMD of the Food Corporation of India, had stated that retail wheat prices could come down in the near future based on recent updates of the Open Market Sales Scheme (OMSS) for wheat. He mentioned that the current wheat crop has been good, and normal purchasing is expected. This time, purchases are expected to remain around 300-400 lakh metric tons. He also estimated that there could be around 113 lakh metric tons of stock by April 1. It is likely that this time, there will be around 93-95 lakh metric tons of stock with 75 lakh metric tons to be set aside as buffer stock. This can only happen when all wheat under OMSS is lifted.
