Moderate buying kept wheat and flour prices unaltered on Tuesday. Steady domestic demand and supply are keeping wheat and flour prices stable, said market sources.
Radhey Shyam, a commodity expert, told Business Line that since the demand matched supply, prices were unchanged. In the absence of any major market moving factors in the market, dara and flour prices have been ruling firm since last week and may continue to rule around current levels for the next few days, too, he added.
Inconsistent rainfall since Sunday night has also disturbed the trade.
In the physical market, Dara wheat quoted at Rs 1,520-1,525 a quintal. Around 500 quintals of dara variety arrived from Uttar Pradesh the stocks were directly offloaded at the mills. Mill delivery was at Rs 1,520 a quintal while delivery at the chakki was Rs 1,525 a quintal.
On the National Commodity and Derivatives Exchange, wheat for February contracts improved by Rs 12 and traded at Rs 1,525 a quintal; it had touched a high at Rs 1,527 a quintal earlier in the day. March contracts decreased by Rs 8 to Rs 1,449 a quintal. While, wheat spot prices on the exchange increased by Rs 10 and traded at Rs 1,510 a quintal.
February contracts improved on buying interest. Demand for Indian wheat is strong in South Korea, Thailand and Philippines where Indian wheat is largely used for animal feed.
South Korea's Major Feedmill Group purchased 110,000 tonnes of wheat from India last week.
Following a steady trend in wheat, flour prices too ruled unaltered and quoted at Rs 1,750 a quintal. Similarly, Chokar ruled flat and sold at Rs 1,370-1400 a quintal.