Festival buying likely to boost dara wheat

Fresh buying coupled with the expectations of good demand in the coming days pushed up dara wheat prices on Tuesday.

The Dara variety improved by Rs 15 to Rs 1,540-1,550 a quintal against last week’s level of Rs 1,535.

Radhey Sham, a trader, told

Business Line that increased offtake by flour mills to meet domestic demand, mainly pushed Dara prices up.

Wheat prices are likely to remain supportive following the festival season, he said.

In the physical market, around 1,100 bags of wheat arrived and stocks were directly offloaded at the mills.

Mill delivery was at Rs 1,540 while delivery at the chakki was at Rs 1,550.

Good quality stocks were ruling around Rs 1,560, Rs 10 up.

A negative trend was witnessed on the wheat futures market on the National Commodity and Derivatives Exchange on Tuesday.

Wheat contracts maturing in November dropped by Rs 6 to Rs 1,609 with an open interest of 4,140 lots. The grain touched a high at Rs 1,614 earlier in the day.

December contracts dropped by Rs 5 to Rs 1,629 . In the spot market, the grain traded at Rs 1,540.

Flour Prices

Despite an uptrend in wheat, flour continued to rule flat and quoted at Rs 1,775 . Similarly, Chokar ruled flat and went for Rs 1,290 a quintal.