After a good rally over the last three weeks, Indian wheat spot and futures remained range bound on Tuesday.
According to market experts, wheat futures are likely to witness some correction in the coming days as some position holders may go for profit booking after the recent rally.
On the National Commodity and Derivatives Exchange, wheat for August delivery increased by Rs 7, to Rs 1,388 a quintal, it had touched a high at Rs 1,410 earlier on Tuesday. Spot prices at the MCX increased by Rs 5.7 to Rs 1,304.9 a quintal.
Market may remain range bound this week but it is expected to move in a positive territory as market sentiment is still largely positive, said experts.
In the physical market, after witnessing a fall last weekend, dara and desi wheat varieties managed to maintain their previous levels.
Dara 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.
Similarly, desi wheat varieties ruled flat, Tohfa sold at Rs 2,210 a quintal, Bhojan King quoted at Rs 2,100, while the Nokia variety traded at 2,020 a quintal.
With a steady trend in wheat, flour was ruling at the same prices of Rs 1,190 for a 90-kg bag. Chokar too remained unchanged and sold at Rs 610-620 for a 49-kg bag.