Wheat seen sliding as demand remains tepid

Grain prices remained largely steady across key wholesale markets on Thursday, although traders expect wheat prices to come under pressure in the coming weeks due to weak demand and comfortable supplies.

In Indore, Madhya Pradesh, wheat prices were unchanged at ₹2,570 per 100 kg. Traders said buying activity remained limited as market sentiment continued to stay weak. According to local market participants, most of the good-quality wheat crop has already been procured and adequate stocks are available with traders for the next few months.

Market sources said only need-based purchases are currently taking place. With sufficient availability of wheat in major producing regions, prices could decline by ₹200-300 per 100 kg in the near term. In Kota, Rajasthan, wheat prices were steady at ₹2,275-2,300 per 100 kg despite a fall in arrivals.  Traders said lower arrivals failed to support prices because demand remained subdued. Wheat prices in Vashi, Navi Mumbai, also held steady at ₹2,700 per 100 kg. Meanwhile, maize prices remained stable across major markets. In Indore, maize was quoted at ₹2,175 per 100 kg. 

Traders expect prices to gradually strengthen in the coming months on expectations of higher demand from the ethanol industry. Prices in Davanagere, Karnataka, were also unchanged. rice prices remained steady in Vashi, with key basmati varieties witnessing little movement. Traders said domestic demand continues to be weak, while export demand has also slowed due to disruptions in shipping routes..