Traders expect prices to further swell in next two weeks

Chandigarh: Amid reports indicating a firming up of wheat prices in the global market, its cost in Punjab continues to be at a moderate level of Rs. 945 per quintal, almost Rs. 45 per quintal less than what it used to be a month-and-a-half ago.

“Although wheat prices have moved to Rs. 945 per quintal from Rs. 915 per quintal 10 days back, the rates are still lower than Rs. 990 per quintal in August,” wheat traders said here. However, traders expect the prices to swell in the next two weeks on account of increased demand in the festival season.

“Wheat prices will cross Rs. 1,000 per-quintal mark after the end of this month as flour mills will start buying wheat aggressively in order to meet demand for their products,” said Devinder Verma, a Khanna-based wheat trader.

Another reason

Another reason for the increase in wheat prices may be the short supply of crop in the State’s grain markets because of the arrival of paddy crop.

“Farmers have started bringing paddy crop to mandis and its arrival will increase in coming days when the Government announces its procurement. As a result of it, there will be a shortage of wheat in mandis which will fuel its prices,” said a wheat trader. Meanwhile, farmers from Bathinda and Mansa districts have started moving their crop to Delhi for better returns. – PTI