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After witnessing a good rally at the beginning of this week, wheat dara prices witnessed some correction at upper levels.
On Thursday, prices of dara variety dropped marginally by Rs 10-15 a quintal ruled around Rs 1,280-1,285 a quintal against around Rs 1,300 a quintal quoted on Tuesday. The price at retail outlets ruled at around Rs 1,290-1,295 a quintal, and for finer quality it was around Rs 1,305 a quintal. The seed variety was quoted at Rs 1,305 a quintal.
Mr Subhash Chander, a wheat trader, told Business Line that these are the highest levels against the levels of last two seasons. Not just low arrivals but ban on overloading and extra carrier charges are also reasons behind the price rise, he added. Due to low arrivals from Uttar Pradesh, local stockists are taking the advantage by offloading their stocks on higher rates, said Mr Subhash. Just around 210 quintals of Dara variety were offloaded at flour mills in Karnal on Thursday.
On the other hand, desi wheat witnessed an uptrend. Prices of Bhojan King rose by Rs 50 and was quoted at Rs 2,400 a quintal, Aaj Tak at Rs 2,320 and Nokia at Rs 2,375.
Flour prices
Despite a drop in wheat prices, flour prices rose marginally and touched the highest levels. Flour prices rose by Rs 5 for a 90-kg bag and were quoted at Rs 1,315 for a 90-kg bag.
Chokar prices has witnessed a good rally of Rs 30 in the last three days and ruled at Rs 635 for a 49-kg bag against Rs 605 quoted at the beginning of this week. Due to low availability of green fodder, chokar prices witnessed an uptrend.
Government's action
In order to curb the food inflation, the Government may ban the wheat product exports. It's expected that Prime Minister, Mr Manmohan Singh, could announce measures including banning the export of wheat products and removing essential commodities from the futures market, according to the reports. India currently allows up to 6,50,000 tonnes of wheat product exports until March 31.
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