Sluggish domestic demand coupled with ample stocks pulled down wheat prices on Friday.

Due to uncertain weather and sluggish demand, traders are not placing big orders and prices are range-bound, said Mr Sewa Ram, a wheat trader. Flour mills have ample stocks with them and prices are likely to remain range-bound even the next week, he added.

In the physical market, after ruling flat for almost 10 days, Dara prices eased marginally by Rs 5-10 and quoted at Rs 1,190-1,200 a quintal. Only 35 tonnes of dara variety arrived from Uttar Pradesh and the stocks were directly offloaded at the mills. Mill delivery was at Rs 1,190-1,195 a quintal, while delivery at the chakki was at Rs 1,200 a quintal.

Similary, desi wheat varieties went down by Rs 15-40 a quintal. Tohfa eased by Rs 20 and sold at Rs 2,210 a quintal and Bhojan King went down by Rs 15 and quoted at Rs 2,100, while the Nokia variety traded at Rs 2,020 a quintal, Rs 40 down from previous level.

On the National Commodity and Derivatives Exchange, wheat for August delivery increased by Rs 31 to Rs 1,375 a quintal, it had touched a high of Rs 1,379 earlier on Friday. Spot prices at the MCX increased by Rs 53.3 to Rs 1,298.3 a quintal.

Flour Prices

Despite a fall in wheat, flour was unchanged at Rs 1,190 for a 90-kg bag. Chokar continued to rule flat and sold at Rs 610-620 for a 49-kg bag.

(This article was published on July 13, 2012)
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