wheat prices: Wheat prices bounce back after meeting of floor mill federation with govt

Wheat prices bounced back on Friday after falling 2% before the meeting of the flour millers with the food secretary, as the government did not issue any direct statement to control prices. Now, the market expects another 10-15% increase in wheat prices until September.

Wheat prices had fallen on Tuesday in anticipation of some price control measures from the government after its meeting with the Roller Flour Millers’ Federation of India (RCMFI).

“The market has brushed off the message given by the central government indirectly through the RFMFI and bounced back to the previous level,” said a veteran flour miller, who did not wish to be identified.

“Prices of wheat have increased by Rs 300-Rs 350 per quintal across the country in the last fortnight itself and there is still uncertainty of stabilization in the near future,” RFMFI president Anjani Agarwal said in a statement. “The secretary assured the flour millers there will be an immediate government intervention if the problem of unavailability persists and the price rises beyond a particular range.”

The market factored in the limited options before the government to control prices.

“We don’t expect any policy of wheat sale open market sale scheme until September. The government will consider sales after the decision on continuation of Prime Minister Garib Kalyan Yojana after September,” said the miller cited earlier. “The only policy declaration expected till then is the removal of import duty on wheat.”

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