Dara wheat and flour ruled firm on Tuesday on local demand.

Despite the Food Corporation of India resuming sale under the open-market scheme, wheat remained firm, said a commodity expert. Demand for flour is keeping dara wheat firm and prices are unlikely to change much this week, the expert said.

In the physical market, around 650 quintals of dara variety arrived from Uttar Pradesh which were directly offloaded at the mills. Mill delivery was at Rs 1,540-1,545 a quintal, while delivery at chakki was Rs 1,550.

Desi varieties ruled flat and quoted at Rs 2,500-2,550 a quintal.

On the National Commodity and Derivatives Exchange, wheat for December delivery decreased by Rs 4 at Rs 1,588 a quintal after touching a high of Rs 1,600 earlier in the day and for January was down Rs 2 to Rs 1,584. Spot wheat on the exchange was Rs 1,570 a quintal. According to market experts, contracts are likely to remain bearish.

Flour Prices

Flour too ruled unchanged on steady buying and quoted at Rs 1,750 a quintal. After ruling flat last weekend, chokar improved by Rs 50 to Rs 1,550 for a quintal. Tight supplies of fodder pushed up chokar.

Singapore-based trading firm Concordia was the highest bidder at $322.22 a tonne for an export tender floated by the State Trading Corporation last month. The Corporation had floated the tender to sell 1.5 lakh tonnes of milling wheat for export.

(This article was published on November 27, 2012)
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