Dara wheat likely to rule range-bound

With some buying emerging on a small-scale, prices of dara wheat improved marginally, while flour and desi wheat continued to rule flat on moderate buying on Tuesday.

Some fresh buying pushed dara wheat prices upwards, said Radhey Shyam, a trade expert.

Dara wheat is likely to rule range-bound for the next few days but within a positive territory, he said.

Domestic demand is providing good support to the market, said Radhey Shyam.

In the physical market, after ruling flat for almost two weeks, dara wheat improved marginally by Rs 10 to Rs 1,470-1,480 a quintal.

Around 1,100 bags of wheat arrived and the stocks were directly offloaded at the mills.

Mill delivery was at Rs 1,470-1,475 while delivery at the chakki was at Rs 1,480.

On the other hand, desi wheat variety remained unchanged and went for Rs 2,600-2,650.

Positive trend

A positive trend was witnessed on the National Commodity and Derivatives Exchange on buying interest. Wheat for August contracts improved by Rs 11 and traded at 1,595 with an open interest of 6,800 lots.

The grain had made a low at Rs 1,590 earlier in the day.

September contracts went up by Rs 4 and traded at Rs 1,591.

In the spot market, wheat prices dropped by Rs 8.5 and traded at Rs 1,492.5.

According to the market experts, a range-bound movement is likely to be witnessed in the wheat futures market in the coming days.

Flour Prices

Despite an uptrend in wheat, flour continued to rule flat and quoted at Rs 1,700.

Similarly, Chokar ruled flat and sold at Rs 1,150.

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