Prices of wheat are likely to rise in the next few days increasing problems for the wheat processing industry, reports Economic Times.
At major consuming centres of the country, the wholesale prices of the staple have been hovering near the psychologically sensitive level of Rs 30 per kg, said the traders.
Wheat prices are trading in the range of Rs 27 per kg to Rs 29.50 per kg in most parts of the country. This price is around 30-40% above the minimum support price (MSP) of Rs 20.15 per kg.
Rajesh Jain Paharia, a Delhi-based exporter of wheat said, “The wheat prices have gradually increased from Rs 23 per kg to Rs 29 per kg in the last four months taking it to the highest level.”
India had banned the export of the commodity after encouraging exports at the beginning of 2022-23 as the production of the staple was lower than expected.
Navneet Chitlangia, senior vice president of the Roller Flour Millers’ Federation of India said, “The prices will not correct until the government intervenes in the market.”
