Growers have stopped bringing wheat to grain market terminals in Haryana. This is because Government-owned agencies have stopped procurement for buffer stocks since May 11.

Private traders are still waiting for prices to drop below the minimum support level of Rs 1,285 a quintal. This is likely to happen after an official announcement is made on the end to procurement drive in Haryana and Punjab, said Mr Satish Kumar, a wheat trader. Procurement operations in both the States may be wound up within a week.

There are still some unsold stocks in the market, he said.

Not only the Karnal grain market, but other grain markets in the State are also facing same situation, said Mr Kumar.

New wheat was quoted at Rs 1,285 while for private buyers, who want to purchase a limited quantity for their personal consumption, it was quoted at Rs 1,350.

On the other hand, desi wheat prices continued to rule flat on slack trading. Around 100 tonnes of different varieties of desi wheat arrived from Madhya Pradesh. Tohfa variety ruled at Rs 2,300 a quintal, Bhojan King was quoted at Rs 2,200, Rasoi bhog was at Rs 1,900 while the Nokia variety traded at 2,150.

On the National Commodity and Derivatives Exchange, wheat for May delivery increased by Rs 7 to Rs 1,168, it had touched a high at Rs 1,171 earlier on Friday. Spot wheat prices on the MCX went up Rs 7.90 to Rs 1,308.1.

Flour Prices

Following slack demand, flour ruled flat and quoted at Rs 1,280 for a 90-kg bag while branded flour such as Lal Quila and Om Bhog were ruling around Rs 150 and Rs 152 for a 10-kg bag, respectively. Similarly, Chokar continued to rule flat and sold at Rs 640-650 for a 49-kg bag.

Related Topics
comment COMMENT NOW