Sluggish domestic demand coupled with uncertain weather dragged prices of Dara and Desi wheat further by Rs 10-55 a quintal on Tuesday.
Dara prices eased by Rs 10 and settled at Rs 1,070 a quintal, while it was trading at Rs 1,075-1,077 a quintal in retail market.
Following low buying, there were no fresh arrivals from Uttar Pradesh. However, a stock of around 45 tonnes of dara was offloaded by local stockists and it was lifted by small atta chakki owners.
Dara wheat prices have dropped by Rs 50-55 a quintal since the beginning of this month and are ruling at their lowest level in last two years. Amid continuous fall, it is hard to anticipate levels where the market may get any support, said Mr Subhash Chander, a wheat trader. Decline in the demand of flour is the prime reason behind the fall, he said.
Similarly, desi wheat prices continued to tumble on account of low buying. They dropped further by Rs 15-55 a quintal. Tohfa variety decreased by Rs 15 and quoted at Rs 2,100 a quintal, Maruti sold at Rs 1,780 a quintal, Lal Quila witnessed the major fall and went down by Rs 55 and quoted at Rs 1,905 while Kangan traded at Rs 1,930 a quintal, down Rs 40 from previous level.
On the National Commodity and Derivatives Exchange, wheat for August delivery dropped to Rs 1,132 a quintal after hitting a low at Rs 1,131.20.
Flour Prices
With a drop in wheat prices, flour prices, too, dropped by Rs 5 and quoted at Rs 1,150 for a 90-kg bag. Similarly, Chokar prices dropped by Rs 15, after ruling firm last week and quoted at Rs 470 for a 49-kg bag.