The average retail wheat market price is hovering between Rs 3000 and Rs 4000. However, the minimum support price of the wheat is Rs 2425. On November 29, the Central government offloaded 25 lakh metric tonnes (LMT) of wheat in the open market to a moderate price. It had fixed the reserve price for auction at Rs 2325 per quintal for wheat of fair and average quality and Rs 2300 per quintal for wheat under relaxed specifications for sale to private parties through e-auction. Reports suggest that during auctions in Patna and other cities, the quoting price reached up to Rs 3100. “It only shows that there is a terrible scarcity of wheat in the market as against the government claim,” says Vinit Sharma, Agri-commodity expert with NCDEX. The revised stock limit will be applicable until 31st March 2025 for all States and Union Territories under Removal of Licensing Requirements, Stock Limits and Movement Restrictions on Specified Foodstuffs (Amendment) Order, 2024. The government said the country has recorded 113.2 million metric tonnes of wheat in the current Rabi 2023-24 season and claimed that it has ample availability in its stock.
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