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The wheat market witnessed a downtrend on Thursday. Dara wheat prices continued to tumble on account of sluggish domestic demand against the ample stocks available. Prices eased further by Rs 10 and quoted at Rs 1,080 a quintal — the lowest level in the last two years.
After witnessing a continuous fall in prices and low demand, there were no arrivals from Uttar Pradesh on Thursday.
Government agencies are holding huge stocks and the continuous release of these for the BPL and APL cardholders is flooding the market, said Mr Sewa Ram, a wheat trader. The stock is not only going to the BPL and APL cardholders but also coming into the open market for sale, which is worsening the situation, he added.
Similarly, with not much trading taking place in the market, desi wheat went down by Rs 25-40 a quintal, after ruling firm at the beginning of this week. The Tohfa variety fell by Rs 25 to Rs 2,115 a quintal, Maruti sold at Rs 1,800, Lal Quila went down by Rs 40 to Rs 1,960, while Kangan sold at Rs 1,970, Rs 30 below the previous level.
Flour Prices
The continuous fall in wheat prices dragged flour prices down marginally, by Rs 5 to Rs 1,155 for a 90-kg bag. With demand not picking up, it's unlikely there would be any recovery this week, said Mr Ram.
Flour millers are not undertaking fresh buying and are using the old, available stock for production, he added. On the other hand, Chokar prices remained unchanged and sold at Rs 480-485 for a 49-kg bag.
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