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Govt. approves 3 MMT Wheat sale for bulk consumers

Govt. will provide 3 MMT Wheat to bulk consumers like mills and the biscuits industry to cool down prices in open markets. The allocated quantity is more than the market's normal expectation of 2MMT. Now for Feb and Mar Wheat, availability will increase. It would help price bringing down by Rs 300-400 per quintal by the end of February. Wheat is traded at Rs 2800-3200, depending on location and quality. By then, new Wheat from Gujarat too would commence, followed by M.P., Punjab, and Haryana. It may put additional pressure on the Wheat price under normal weather conditions. However, temperature/weather conditions in Feb and March would remain crucial for the final size of the crop.