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Prices of dara wheat and flour dropped further on easy availability of stocks coupled with reduced offtake on Wednesday.
Satish Kumar, a wheat trader, told Business Line that the current situation was anticipated in the market. Following continuous downtrend, buyers are placing orders on a hand-to-mouth basis. Traders expect that prices may drop further in the coming days, he said.
About 10,000 bags of dara wheat arrived at the Karnal Grain Market Terminal on Wednesday and stocks found no takers due to high moisture. Wheat procurement by Government agencies has not started yet. The quality of the stock is good but the moisture level is on the higher side and procurement drive is likely to start in a couple of days, said Tara Chand Sharma, a trader.
In the physical market, dara wheat dropped further by ₹10 to ₹1,535-40 a quintal. Around 800 bags of wheat arrived and stocks were directly offloaded at the mills. Mill delivery was at ₹1,535, while delivery at the chakki was at ₹1,540.A mixed trend was witnessed on the National Commodity and Derivatives Exchange. April contracts went down by ₹3 to ₹1,530 . May contracts improved by ₹2 and traded at ₹1,523 a quintal.
Following a downtrend in wheat, flour too dropped by ₹15 and sold at ₹1,735. Similarly, Chokar eased by ₹20 and sold at ₹1,210 a quintal.
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