Wheat range-bound on dull demand

Our Correspondent Karnal | Updated on July 13, 2012 Published on July 13, 2012


Sluggish domestic demand coupled with ample stocks pulled down wheat prices on Friday.

Due to uncertain weather and sluggish demand, traders are not placing big orders and prices are range-bound, said Mr Sewa Ram, a wheat trader. Flour mills have ample stocks with them and prices are likely to remain range-bound even the next week, he added.

In the physical market, after ruling flat for almost 10 days, Dara prices eased marginally by Rs 5-10 and quoted at Rs 1,190-1,200 a quintal. Only 35 tonnes of dara variety arrived from Uttar Pradesh and the stocks were directly offloaded at the mills. Mill delivery was at Rs 1,190-1,195 a quintal, while delivery at the chakki was at Rs 1,200 a quintal.

Similary, desi wheat varieties went down by Rs 15-40 a quintal. Tohfa eased by Rs 20 and sold at Rs 2,210 a quintal and Bhojan King went down by Rs 15 and quoted at Rs 2,100, while the Nokia variety traded at Rs 2,020 a quintal, Rs 40 down from previous level.

On the National Commodity and Derivatives Exchange, wheat for August delivery increased by Rs 31 to Rs 1,375 a quintal, it had touched a high of Rs 1,379 earlier on Friday. Spot prices at the MCX increased by Rs 53.3 to Rs 1,298.3 a quintal.

Flour Prices

Despite a fall in wheat, flour was unchanged at Rs 1,190 for a 90-kg bag. Chokar continued to rule flat and sold at Rs 610-620 for a 49-kg bag.

Published on July 13, 2012
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