Wheat prices in Punjab continues to remain upwards, with prices ruling at Rs 980 per quintal on the back possible demand for grain from south-based traders.
“The prices of wheat in grain markets are ruling at Rs 970-980 per quintal against Rs 950 per quintal a week back. The possibility of demand for wheat from southern traders has also fuelled the prices,” a Khanna-based wheat trader said.
Wheat traders say that the south-based wheat traders would try to source their requirements from Punjab and Haryana as the landing cost of the imported wheat in India is expected to be over Rs 1,300 per quintal which would not be a better deal for them.
The government recently placed orders for import of 511,000 tons of wheat from global suppliers at a price of 318-370 dollars a ton.
“They (south-based traders) will certainly go for sourcing wheat from either Punjab or Haryana as it will be quite expensive for them to buy imported wheat,” Devinder Brhama, a wheat trader said.
Meanwhile, farmers are quite ecstatic over the rising prices of wheat in the state. “Now, farmers are getting good prices of their produce,” said President of Bhartiya Kissan Union (Rajewal), Balbir Singh Rajewal.
“But I anticipate that the prices will further inch upwards in the month of November to Rs 1,100 per quintal as it is a tendency that after the sowing of new crop, the prices again go up,” he said.