Wheat prices up in spot on low supply.

Prices of wheat rise in key wholesale markets of the country due to low supply and high reserve price of the grain at the government’s open market sale. Supplies with farmers are almost over and prices of government tenders are higher than market price so demand to wholesale markets is growing. Although the government’s open market sale scheme started in most parts of the country, but the response to the tenders was dull as market prices were lower than the base price set by the government, traders said. For 2017-18, the government has set the reserve price for sales of wheat at 1,790 rupees per 100 kg. For non-procuring regions, an additional cost equivalent to ex-Ludhiana freight will be added to the price.