Wheat price hits new high in Punjab

Suppliers say situation will improve with arrival of new stock from Sindh next month

LAHORE:

Wheat price touched the historic high of Rs2,650-2,700 per maund in grain markets across Punjab on Wednesday after which Chakki Atta dealers warned of jacking up wheat flour rates.

Chakki Atta Dealers Secretary Abdul Rehman told The Express Tribune that as wheat produce from last year’s crop was about to end by next month or so price of staple grain was witnessing an upward trend. Stockists having quality grains are quoting between Rs2,650-2,700 per maund in the provincial capital and adjoining areas.

“The landing cost wheat at our warehouses has surpassed Rs2,700 after adding loading, unloading and freight charges,” he highlighted.

Rehman pointed out that Sindh had already announced Rs2,200 per maund wheat support price for new crop expected to hit markets by late February or early March. Right now, Punjab was also supplying wheat to other provinces which had also put an additional burden on wheat stocks. However, the situation would improve with arrival of new crop from Sindh next month or so.

Responding to a question, he claimed that though Chakki Atta dealers had not yet increased rate of their whole grain wheat flour from Rs90 per kg but they were considering to increase wheat flour rates.

“Dealers are also deliberating to increase their grinding charges since inflated tariffs of electricity and petroleum products have increased their cost of doing business,” he maintained.

Commenting on increasing rates of wheat, former chairman of the Pakistan Flour Mills Association (PFMA) Khaleeq Arshad indicated that almost 10 months had been passed to last season’s crop and market had started to dry. He claimed that wheat was quoted between Rs2,550 and Rs2,650 per maund in Lahore and Rawalpindi markets respectively on Wednesday.

To rein in the upward trend, he suggested, the government should intervene in the market by increasing releases from government’s stocks to control market sentiment.

Published in The Express Tribune, January 27^th, 2022.