Agri Business

Wheat prices drop amidst weak demand

Nitish Sharma Karnal | Updated on February 17, 2011

BL18_COM2_WHEAT

With not much demand in the market, prices of dara wheat dropped by Rs 40 and ruled at Rs 1,200-1,220 a quintal against levels of Rs 1,250 quoted at the beginning of this week.

Fine quality wheat witnessed a major fall and was around Rs 1,250 a quintal against levels of Rs 1,330 quoted on Tuesday. Aaj Tak, a desi variety, continued to rule firm and was quoted at Rs 2,400 a quintal.

Around 200 quintals of dara variety was offloaded by the local stockists, while around 1,200 quintals of the same variety was procured from the Food Corporation of India by the flour millers on Thursday.

Bulk buyers are waiting for the new wheat to come into the market to start buying, said Mr Sewa Ram, a wheat trader. Low availability of high quality wheat is also a reason behind the sluggish demand, he added. Wheat prices will continue to tumble as this year will see bumper production, market sources said. “The recent rainfall has also boosted expectations of bumper production and we are expecting production of over 82 million tonnes this year,” said Dr S. S. Singh, project director, Directorate of Wheat Research.

Flour prices: With the fall in wheat prices, flour prices dropped marginally by Rs 5 and quoted at Rs 1,255 for a 90-kg bag. While the Chokar prices witnessed a steady trend, they ruled at Rs 565 for a 49-kg bag.

Published on February 17, 2011

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