Delhi wheat prices down, subdued trade ahead of Diwali

Price of wheat in key spot market of Delhi edged lower in a thin trade. In Delhi, the mill-quality wheat was sold at 2,040-2,060 rupees per 100 kg, down by around 20 rupees from the previous close. Subdued trade ahead of Diwali weighed on prices. Wholesale markets in Kota, Rajasthan, was closed on account of Dhanteras, while trade was sluggish at Indore market in Madhya Pradesh. Farmers have commenced sowing of wheat in the country, a key rabi food grain, with total area rising 58.7% on year to 914,000 ha. Increase in the acreage can be attributed to the announcement of higher minimum support price for the crop in 2018-19 rabi marketing season (Apr-Mar), which encouraged growers to bring more area under the crop.Centre has fixed the support price for wheat at 1,840 rupees per 100 kg for 2018-19, against 1,735 rupees in the previous year. Sowing was higher in Madhya Pradesh and Uttar Pradesh–the country’s two leading producers of wheat.