Wheat prices in major Indian markets remained steady to weak on Tuesday. Buyers were hesitant to enter fresh deals, with most participants waiting for the outcome of the Food Corporation of India’s (FCI) auction scheduled for Wednesday to gauge near-term direction. In northern India, Punjab markets recorded a decline of ₹10–20 per quintal for the second consecutive session. Prices in Delhi fell by ₹20–40 to ₹2,860–2,880 per quintal, while in Shahjahanpur, Uttar Pradesh, prices were largely unchanged at ₹2,700–2,720. Markets in central and western India also remained under pressure. Prices in Rajasthan and Madhya Pradesh declined by ₹50 and ₹25 respectively, trading in the range of ₹2,650–2,700 per quintal. In southern and eastern regions, major consumption centers such as Bengaluru (₹3,060) and Kolkata (₹3,050) saw a drop of ₹20 per quintal, reversing part of the earlier gains. Traders said the FCI auction scheduled for Wednesday will provide immediate direction to the market. Strong bidding could lead to a price recovery, while weak participation may prolong the current bearish trend. The market is also sensitive to the frequency of FCI auctions—any pause could offer short-term support, whereas fresh auctions may cap upside movement. The expected arrival of the new wheat crop from Gujarat in February is also acting as a natural ceiling on prices. In addition, the government’s minimum support price (MSP) for the 2026–27 season, fixed at ₹2,585 per quintal, is influencing market sentiment. Under the current conditions, the scope for a sharp upside appears limited. Continuous government sales and the approaching new crop make holding large inventories costly. Traders are closely watching Wednesday’s bid-to-offer ratio in the FCI auction to assess the market’s next move.