Wheat prices up 5-10 pct in India's top producer state

Thu Apr 29, 2010 7:13pm IST

  Lucknow, April 29 (REUTERS) - Wheat prices are up by about
5-10 percent in India's biggest wheat producing state, Uttar
Pradesh, following withdrawal of stock limit, traders said.
 "Wheat prices were between 990-1080 rupees per 100 kg on April
29 in Allahabad, Varanasi, Shahjahanpur, Kanpur and Meerut
markets.
  The slump in prices of wheat was reversed as stock limit
on wheat was withdrawn, which has allowed private players to
place bids for supplies orders in bulk, R. P. Aggarwal, a wheat
trader from Hardoi market told Reuters.
 "The withdrawn stock limit has slightly spiked the price of
wheat, but the real impact on prices would be visible after a
month's time," stated Rajender Aggarwal, a wheat trader from
Lucknow.
 Earlier, the Uttar Pradesh government had imposed a stock
limit of 1,000 quintals (1 quintal=100 kg) for retailers and
bulk purchasers were allowed to stock 5 million quintals of
wheat at one go.
 The stock limit on wheat was withdrawn on April 27, said
V.V.S. Chouhan, president of the Uttar Pradesh Flour Millers
Association.
 Wheat was sold between 900-980 rupees per 100 kg in most
markets of the state, way below the minimum support price (MSP)
of 1,100 rupees per 100 kg.
 (Reporting by Pramod Bhardwaj; Editing by Prem Udayabhanu)



Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

India-WTO Standoff

India-WTO Standoff

India threatens to derail WTO deal, prompts angry U.S. rebuke  Full Article 

Economic Pulse

Economic Pulse

New govt promises low and stable tax regime for economic revival.  Full Article 

IPO Probe Ends

IPO Probe Ends

Facebook says SEC's IPO probe ends, extending WhatsApp closing date  Full Article 

World Stocks

World Stocks

Goldman Sachs downgrades stocks to neutral for short term  Full Article 

Disappointing Results

Disappointing Results

Amazon's far-reaching ambitions, lack of profits, unnerve investors  Full Article 

Global Growth

Global Growth

IMF cuts outlook, warns of stagnation risk in rich nations  Full Article 

Market Eye

Market Eye

Nifty retreats from record highs on profit taking.  Full Article 

Waning Enthusiasm

Waning Enthusiasm

Markets' post-election enthusiasm lost on consumers.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage