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Sluggish domestic demand coupled with easy availability of stocks pulled dara wheat down by ₹30 a quintal on Tuesday.
Radhey Shayam, a trade expert, told Business Line that arrivals of new crop in the market mainly pulled dara wheat down. Following continuous fall in prices, buyers are placing orders according to their requirement only, he said.
Traders expect wheat prices to drop marginally further but any major fall is unlikely.
In the physical market, dara wheat dropped by ₹30 to ₹1,505-10. Around 1,000 bags of wheat arrived and stocks were directly offloaded at the mills. Mill delivery was at ₹1,505 while delivery at the chakki was at ₹1,510 a quintal.
A mixed trend was witnessed on the National Commodity and Derivatives Exchange. April contracts traded at ₹1,521 a quintal with an open interest of 2,750 lots. May contracts dropped by ₹2 and traded at ₹1,529.
Despite a downtrend in wheat, flour continued to rule flat and sold at ₹1,735. Similarly, Chokar was unchanged at ₹1,210 a quintal.
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