Hand-to-mouth buying in wheat market

Our Correspondent Karnal | Updated on January 28, 2014 Published on January 28, 2014

A range-bound trend is likely in wheat spot and futures prices over the next few days, according to trade sources.

After witnessing an uptrend last week, dara wheat dropped marginally, while flour managed to maintain its previous level.

A steady demand coupled with ample availability pulled wheat prices marginally down, said Satish Kumar, a wheat trader.

Only need-based buying is taking place in the market currently and any major alteration is unlikely as domestic demand is likely to improve and stocks are easily available, he said.

In the physical market, dara wheat dropped by ₹5 to ₹1,620-25 a quintal. Around 1,000 bags of wheat arrived and stocks were directly offloaded at the mills. Mill delivery was at ₹1,620 while delivery at the chakki was at ₹1,625.

A mixed trend was witnessed on the NCDEX. February contracts moved up by ₹9 and traded at ₹1,652 with an open interest of 1,580 lots. The grain had made a low at ₹1,640 earlier in the day. March contracts dropped by ₹9 and traded at ₹1,580.

In spot market, wheat dropped by ₹2.5 to ₹1,582.5 a quintal.

Flour Prices

Following good domestic demand for flour in the region, prices remained unchanged and sold at ₹1,850. Similarly, Chokar was unchanged at ₹1,475.

Published on January 28, 2014
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