After touching the highest levels of the season last week, dara wheat and flour prices witnessed some correction on Friday. Dara wheat and flour prices went down by Rs 50-60 for a quintal and 90-kg bag respectively.
Sewa Ram, a wheat trader, told Business Line that slack buying and expectations of new tenders for flour mills mainly pulled dara wheat down. Food Corporation of India is expected to resume its sale under the open market sale scheme, he added.
Despite not much buying in the market, any major alteration in wheat prices is unlikely and it may rule around current levels for the next few days, he said.
Bulk buyers are keeping themselves out of the market at present as they are waiting for the prices to come further down, he added. In the physical market, dara went down by Rs 50 and quoted at Rs 1,540-1,550 a quintal. Around 45 tonnes of dara variety arrived from Uttar Pradesh the stocks were directly offloaded at the mills. Mill delivery was Rs 1,540-1,545 while delivery at the chakki was Rs 1,550 . On the other hand, Desi wheat was ruling between Rs 1,950 and Rs 2,070.
On the National Commodity and Derivatives Exchange, wheat for September delivery increased by Rs 12 to Rs 1,585 a quintal, after touching a high of Rs 1,600 earlier in the day. October contracts were up by Rs 16 to Rs 1,566 . Spot wheat on the exchange was traded at Rs 1,664.35.
Following a downtrend in wheat, flour prices too went down by Rs 60 and sold at Rs 1,530 for a 90-kg bag. On the other hand, Chokar went up by Rs 30, after ruling flat for almost a week and sold at Rs 700 for a 49-kg bag.