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Dara wheat prices continued to tumble on account of easy availability of stocks and steady domestic demand on Friday.
Radhey Shyam, a trader expert, told Business Line that dara prices dropped mainly because of ample availability of stocks against steady domestic demand. Bulk buyers are keeping themselves out of the market and only need-based buying is taking place, he said.
Traders expect dara wheat to continue ruling around current levels in the coming days and any further fall is unlikely.
In the physical market, Dara wheat dropped by ₹5 to ₹1,470-75 a quintal. Around 2,000 bags of wheat arrived and stocks were directly offloaded at the mills. Mill delivery was at ₹1,470 while delivery at the chakki was at ₹1,475 a quintal.
A mixed trend was witnessed on the NCDEX. May contracts improved by ₹3 and traded at ₹1,565 a quintal with an open interest of 1,160 lots.June contracts moved down by ₹1 and traded at ₹1,587 a quintal with an open interest of 9,840 lots.Despite a downtrend in wheat, flour continued to rule flat at ₹1,725. Similarly, Chokar was unchanged at ₹1,350 a quintal.
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