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Dara wheat prices witnessed a major correction after touching a two-year high at the beginning of this week.
On Thursday, the prices of the dara variety dropped by Rs 50 a quintal and ruled around Rs 1,280-1,285 a quintal. The market had earlier touched levels of Rs 1,320-1,330 a quintal, the highest in the past two years.
The price at the retail outlets ruled at Rs 1,290-1,295 a quintal and was around Rs 1,300 a quintal for the finer quality. Mr Subhash Chander, a wheat trader, told Business Line that the Food Corporation of India has started supply again, pulling the prices down despite stocks from Uttar Pradesh heading to Delhi. Based on the FCI's call, every flour miller can procure 90 quintals of wheat a day at Rs 1,290 a quintal, including VAT, he added. Earlier, due to low arrivals from Uttar Pradesh and no supply from the Food Cooperation of India the market witnessed a rally.
Sluggish demand for flour is also a reason behind the fall, said Mr Chander. Similarly, the prices of desi wheat dropped on account of low trading. While Bhojan King quoted at Rs 2,350 a quintal against previous levels of Rs 2,400 a quintal, Aaj Tak quoted at Rs 2,300 and Nokia at Rs 2,350.
Flour prices
After a fall in wheat prices, flour prices dropped marginally by Rs 10-15 for a 90-kg bag and quoted at Rs 1,320.
Chokar prices continued to tumble, ruling at Rs 600 for a 49-kg bag against Rs 610 quoted on Tuesday.
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