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Reduced offtake coupled with easy availability of stocks pulled dara wheat and flour prices down by ₹30 and ₹50 a quintal on Tuesday.
Radhey Shyam, a trade expert, told Business Line that the situation of the market was anticipated as the new crop is round the corner. Currently, traders are placing orders according to their requirement only because wheat prices are expected to drop further this week, he said.
Traders expect that wheat may drop further by ₹20-30 a quintal within the next 2-3 days, he said.
In the physical market, dara wheat dropped by ₹30 and sold at ₹1,560-65 a quintal. Around 900 bags of wheat arrived and stocks were directly offloaded at the mills. Mill delivery was at ₹1,560, while delivery at the chakki was at ₹1,565 a quintal.
A negative tone was witnessed on the National Commodity and Derivatives Exchange. April contracts went down by ₹9 to ₹1,563 with an open interest of 7,310 lots. May contracts dropped by ₹3 and traded at ₹1,557 a quintal.
Flour PricesFollowing a downtrend in wheat, flour too dropped by ₹50 and sold at ₹1,775. Similarly, Choker eased by ₹60 and sold at ₹1,250 a quintal.
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