Wheat prices shot up by Rs 35 per quintal in Punjab

LUDHIANA: The wheat prices in Punjab have shot up by Rs 35 per quintal to Rs 930 per quintal within a week's time as state flour mills has accelerated their buying following strong demand for bakery products.

"Flour mills are aggressively buying wheat in order to meet the sudden jump in the demand for bakery products. As a result of which the prices has moved up to Rs 930 per quintal in the state," a flour mill owner and member of Punjab Flour Mills Association Davinder Verma said.

A week back, the wheat prices in Punjab were hovering around Rs 890-895 per quintal. Low arrival of wheat in food grain markets of Punjab is also one of the reasons behind surge in wheat prices.

"Only 30 tonne of wheat is arriving per day in Khanna grain market, which is quite less as far as the demand for wheat is concerned," a Khanna-based wheat trader said.

Moreover, flour mills do not want to utilise their stocked wheat to meet the current requirement, he added.