Dara wheat slips despite low arrivals

Despite low arrivals, dara wheat prices slipped marginally while desi varieties were quoted with marginal variations on Thursday.

Heavy rainfall in the region over the last two days led demand and wheat arrivals down, said Mr Subhash Chander, a wheat trader.

Just around 300 tonnes of dara variety arrived from Uttar Pradesh and the stocks were directly offloaded at the mills. Mill delivery was at Rs 1,170-1,173 a quintal while it traded at Rs 1,180 at the retail market.

Mr Subhash said sluggish domestic demand and uncertain weather had affected wheat trading. Until the weather becomes favourable, buyers will not come and prices may continue to tumble, he said.

After witnessing a sharp decline at the beginning of this week, desi wheat varieties were ruling with marginal variations. Around 120 tonnes of different varieties of desi wheat arrived from Madhya Pradesh.

Tohfa variety remained unchanged and quoted at 2,200 a quintal, Bhojan King dropped by Rs 5 and quoted at Rs 2,095, Lal Quila recovered by Rs 10 and was at Rs 1,910 while Nokia traded at Rs 2,000 a quintal.

After falling by Rs 350 at the beginning of this week, Maruti recovered marginally, increased by Rs 15 quoted at Rs 1,665 while Kamal remained unchanged and was at Rs 1,800 a quintal. Low arrivals pushed the prices of some varieties up, said Mr Subhash.

Thin demand pulled the flour prices down by Rs 5 and quoted at Rs 1,195 for a 90 kg bag. Chokar prices continued to rule firm and quoted at Rs 590 for a 49-kg bag, on account of low availability.

Bloomberg reports : Wheat rose for the first time this week in the global market on speculation livestock feeders will increase use of the grain because its the cheapest relative to corn since 1984.

Wheat futures for July delivery gained 9 cents, or 1.2 per cent, to $7.6825 a bushel at 10:20 a.m.

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