Sluggish domestic demand, coupled with ample stocks, pulled dara wheat marginally down, while desi wheat managed to maintain its previous level amid tepid sales on Tuesday.
Due to uncertain weather and sluggish demand, traders are not placing big orders and prices are range-bound, said Satish Kumar, a wheat trader. Flour mills have ample stocks with them and prices are likely to remain range-bound this week, he added.
In the physical market, dara prices decreased further by Rs 5 a quintal and quoted between Rs 1,235 and Rs 1,245. Around 50 tonnes of dara variety arrived from Uttar Pradesh and the stocks were directly offloaded at the mills. Mill delivery was at Rs 1,235-1,240 while delivery at the chakki was at Rs 1,245.
On the other hand, desi wheat varieties remained unchanged after witnessing a fall last weekend. Tohfa sold at Rs 1,980; Bhojan King quoted at Rs 2,070, while the Nokia variety was at 2,005.
On the National Commodity and Derivatives Exchange, after witnessing a fall in the morning session wheat for August delivery recovered in the after noon session and increased by Rs 8, to Rs 1,398 a quintal.
September contracts dropped by Rs 11 to Rs 1,417. Spot prices on the exchange decreased by Rs 5 to Rs 1,350.
Despite a fall in wheat, flour ruled firm on account of good domestic demand and quoted at Rs 1,235-1,240 for a 90-kg bag. Similarly, Chokar remained unchanged and sold at Rs 670 for a 49-kg bag.