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Prices of dara wheat and flour dropped by Rs 20-25 a quintal on Friday.
Ample stock coupled with reduced offtake pulled wheat prices down, said Radhey Shyam, a trade expert. Bulk buyers are still keeping themselves out of the market as they are waiting for the prices to decline further, he added. The situation of the market was anticipated and wheat prices are likely to fall further in coming days, said Radhey Shyam.
In the physical market, dara eased by Rs 25 and quoted at Rs 1,520-1,525 a quintal. Around 150 quintals of dara variety arrived from Uttar Pradesh and the stocks were directly offloaded at the mills. Mill delivery was at Rs 1,520 while delivery at the chakki was Rs 1,525 .
On the National Commodity and Derivatives Exchange, wheat for April contracts decreased by Rs 6 and traded at 1,437 with an open interest of 12,890 lots. May contracts went down by Rs 3 to Rs 1,432.
Future contracts declined on the speculation that a rebound in global output will reduce demand, said market experts. While, after breaching the Rs 1,500 mark on Thursday, wheat spot prices on the exchange improved by Rs 5 and traded at Rs 1,500.
Flour Prices
Following a downtrend in wheat, flour prices too went down by Rs 20 and quoted at Rs 1,750 . Similarly, Chokar decreased by Rs 40 on a drastic fall in demand and sold at Rs 1,320-1,340 a quintal.
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