Dara wheat and flour prices witnessed a rally on account of good domestic demand coupled with low stocks available on Tuesday, while desi wheat remained unchanged on slack trading.
Increased offtake by the flour mills to meet the ongoing domestic demand mainly pushed the dara wheat and flour prices upwards, said Sewa Ram, a wheat trader. Low stocks and increased demand pushed flour and dara prices up by Rs 80-90 for a 90-kg bag and a quintal, respectively, in the last two days, said the trader.
In the physical market, dara prices increased by Rs 90 and quoted between Rs 1,390 and Rs 1,400 a quintal. Around 40 tonnes of dara variety arrived from Uttar Pradesh and the stocks were directly offloaded at the mills. Mill delivery was at Rs 1,390-1,395 while delivery at the chakki was at Rs 1,400 .
On the other hand, desi wheat managed to maintain their prices on account of low stocks. Tohfa sold at Rs 1,980 a quintal, Bhojan King quoted at Rs 2,070, while the Nokia variety was at 2,000 .
On the National Commodity and Derivatives Exchange, wheat for September delivery increased by Rs 50 to Rs 1,496 a quintal.. October contracts went up by Rs 49 to Rs 1,516. Spot prices on the exchange increased by Rs 30 to Rs 1,400.
Wheat futures and spot prices are expected to rise further this week on buying by exporters, said market sources. Exporters are getting good orders from South-east Asian countries and are buying in good quantity from spot markets, said sources.
An increase in domestic demand lifted flour prices up by Rs 80 and quoted at Rs 1,390 for a 90-kg bag. Similarly, low stocks lifted Chokar prices up by Rs 50 and at Rs 670 for a 49-kg bag.