Govt cuts wheat stock limit for traders, wholesalers to 2,000 tonne

livemint.com:

₹2,550 per quintal in the last one month. All-India average prices of the grain shot up 1.3% on month on Thursday and 10.4% on year to nearly ₹30 a kg in the retail market. In the wholesale market, all-India average wheat prices were at ₹2,668 per quintal, a rise of 0.2% month-on-month and 4.2% year-on-year.

Chopra said the country has 25.5 million tonne of wheat in the central pool till date against a requirement of 20.2 million tonne. A surplus 3 million tonne wheat is available over and above the buffer stocks for market intervention and another 5.7 million tonne had already been deployed for market intervention. Commenting on rising commodities prices, Chopra said he does not see a sharp uptick in prices of sugar and edible oil in the coming months during the festival season.

Sugar prices rose recently following speculations of crop failure and shortage. Chopra refuted the view of the Indian Sugar Mills Association about a sharp dip in sugar stocks. Sugar prices jumped 1% in a month and 2.6% in a year to ₹43.6 a kg in the retail market and nearly 1% on month and 3.4% on year ₹4,038 per quintal in the wholesale market, according to the price monitoring division of consumer affairs department’s Thursday data.