Wheat prices dropped by Rs 60 a quintal on account of increased supplies following rising arrivals of new crop in the market, amid reduced off-take on Thursday.
Ample stocks following increasing arrivals of the new crop mainly pulled down wheat prices, said Radhey Sham, a trade expert.
Dara wheat prices have decreased by Rs 100 over the last one week and prices may fall further in the coming days, he said. About 20,000 bags of dara wheat arrived at the Karnal grain market terminal and procurement by the government agencies has started. In the physical market, dara wheat price eased to Rs 1,420-1,425. Mill delivery was at Rs 1,420 while delivery at the chakki was Rs 1,425.
At Lawrence road market in Delhi, a benchmark for the country, wheat mill quality traded at Rs 1,450. On the National Commodity and Derivatives Exchange, wheat futures traded negative on Thursday. Wheat for April contracts decreased by Re 1 and traded at Rs 1,423 with an open interest of 2,170 lots. May contracts went down by Rs 3 at Rs 1,404. While, wheat spot prices on the exchange remained unaltered at Rs 1,445. Weak tone witnessed at future market and a range-bound movement is likely to be witnessed in the coming days, said market experts.
With a downtrend in wheat, flour too went down by Rs 10 at Rs 1,710. On the other hand, Chokar remained unchanged at Rs 1,250.