Wheat futures extended loss on Friday. On the National Commodity and Derivatives Exchange, wheat for January delivery decreased by Rs 7 and traded at Rs 1,580 a quintal after touching a high of Rs 1,593 earlier in the day, while for February was down Re 1 to Rs 1,561. It was at Rs 1,500 in the spot market.
Favourable weather in growing areas, improved spot supplies and softening global prices, which may drag down demand for Indian wheat overseas, are keeping futures under pressure, said trade experts. Futures are likely to decrease further.
In the physical market, dara wheat continued to rule unchanged at Rs 1,515-1,525. Around 700 quintals of dara variety arrived from Uttar Pradesh and were directly offloaded at the mills. Mill delivery was at Rs 1,515-1,520, while delivery at the chakki was Rs 1,525.
The dara variety is ruling flat even as demand is steady, said trader Satish Kumar. Desi varieties ruled flat at Rs 2,500-2,550.
Flour prices too ruled flat at Rs 1,725 a quintal. Chokar remained unchanged at Rs 1,400-1450 a quintal.