Sluggish domestic demand coupled with easy availability of stocks pulled dara wheat prices marginally down on Tuesday.
Radhey Shyam, a trade expert, told Business Line that ample stocks coupled with reduced offtake pulled wheat prices down. Bulk buyers are still keeping themselves out of the market as they are waiting for prices to decline further, he said.
Wheat prices are likely to fall further in coming days, said Radhey Shyam.
In the physical market, dara wheat dropped by ₹10 to ₹1,475-80 a quintal. Around 2,000 bags of wheat arrived and stocks were directly offloaded at the mills.
Mill delivery was at ₹1,475 while delivery at the chakki was at ₹1,480 a quintal.
A mixed trend was witnessed on the NCDEX. May contracts improved by ₹7 to ₹1,560 with an open interest of 1,400 lots. June contracts moved down by ₹3 to ₹1,585 a quintal with an open interest of 10,150 lots. Despite a down trend in wheat, flour continued to rule flat at ₹1,725. Similarly, Chokar was unchanged at ₹1,350 a quintal.