Some buying support coupled with limited arrivals in the market kept rice and wheat prices in positive territory while a drop in demand at higher rate pulled poultry items down last week.

WHEAT

In the physical market, after ruling flat for almost 10 days, dara wheat and flour prices improved by Rs 10 and Rs 5 a quintal, respectively, on account of limited arrivals and good consumer demand. Dara wheat ruled firm at Rs 1,540-1,545 a quintal while flour was at Rs 1,750-1,760 a quintal.

On the National Commodity and Derivatives Exchange, there was too much volatility in the futures and spot market throughout the week. Wheat contracts from March to June ended on a negative note.

Similarly, spot market remained bearish and went down by Rs 5, last week.

Wheat futures may trade rangebound with upside getting capped. According to market experts, bulk buyers have reduced their purchases from government stocks under the OMSS. In the second half of this month, offtake may fall further as new crop is round the corner.

Rice

Restricted arrivals in the market coupled with steady domestic demand kept aromatic and non-basmati rice prices firm.

Rice millers are not showing much interest in selling at current levels and have started to hold onto their stocks. According to the experts, the market is already ruling around the highest levels of the season and it may witness some good levels in the coming days.

Poultry

Higher supplies in the market and decline in buying support at higher rates dragged poultry items down last week.

Egg prices decreased by 47 paise over the last one week and settled at Rs 3.30.

Broiler prices went down by Rs 27 to Rs 85 a kg while chick dropped by Rs 9 to Rs 24. Poultry items may witness some recovery in the coming days, said trade experts.

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