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Wheat prices record spike, touch Rs 2,500 per quintal mark in Delhi mandis
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IANS | 06 Aug, 2022
Wheat
prices have seen a significant rise to cross a record Rs 2,500 per
quintal due to slower supplies and robust demand.
According
to traders in Delhi, the heat wave led to lower production of wheat
this year, impacting the domestic supplies of the agricultural produce.
Jai Prakash Jindal of Delhi Lawrence Road Mandi said that the prices have been going up daily since the last few days.
"Even
today the rate went up by Rs 30 and now the price here is Rs 2,550 per
quintal. In Haryana, it is Rs 2,400 per quintal, while in Rajasthan the
price is Rs 2,370 per quintal," he said.
The mandi prices were
hovering around Rs 2,150 to Rs 2,175 per quintal since the ban on wheat
export was imposed on May 14, 2022.
Jindal said that production has been on the lower side this year and the government did not stop export at the right time.
"A
lot of wheat was already exported by the time the government put a ban
on wheat export. It should have been done earlier," he said, adding that
import of wheat will be needed to fulfil the festive demands in the
upcoming months of October and November.
Government data revealed
that wheat export has increased in the last few years. Wheat valued at
$2,121.5 million was exported in 2021-22. In the first four months of
2022-23 (April-July), wheat worth over $1,190 million was exported.
The
reasons for the increase included various factors like international
demand-supply situation, rise in global commodity prices and conflict
between major wheat exporting nations like Ukraine and Russia, etc.
Meanwhile,
government sources said that the Centre may take a few initiatives to
meet the demand and to curb the rising prices of wheat.
It may
scrap the 40 per cent import duty on wheat. Besides, it can also impose
stock holding limits on wheat and voluntary disclosure of wheat stocks
held by stockists and traders.
Officials said that the
procurement of wheat has fallen due to higher purchase of wheat by
traders as market price of the produce has shot up due to prevailing
international geopolitical situations.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
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₹95.3
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₹93.6 |
UK Pound
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₹127.7
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₹123.7 |
Euro
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₹110.65
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₹106.9 |
| Japanese
Yen |
₹59.75 |
₹57.9 |
| As on 24 Jun, 2026 |
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