Wheat futures traded in a tight range with March and April contracts fluctuating on Friday.

On the National Commodity and Derivatives Exchange, wheat for March contracts improved by Re 1 and traded at Rs 1,514 a quintal; it had touched a high at Rs 1,519 earlier in the day.

April contracts decreased by Re 1 to Rs 1,413.

Wheat spot prices on the exchange decreased by Rs 10 and traded at Rs 1,510.

According to the trade experts, wheat futures are likely to remain supportive in the near term on expectations of higher exports.

In order to get rid of surplus stocks, there could be some aggressive selling by traders in the coming days.

In the physical market, moderate buying kept wheat and flour prices unaltered.

Steady domestic demand and restricted supplies are keeping wheat and flour prices stable, said market sources.

Radhey Shyam, a commodity expert, told Business Line that since the demand matched supply, prices were unchanged.

Market may continue to rule around current levels for the next few days, he added.

Dara wheat was quoted at Rs 1,530-1,535.

Around 60 tonnes of dara variety arrived from Uttar Pradesh and the stocks were directly offloaded at the mills.

Mill delivery was at Rs 1,530 while delivery at the chakki was Rs 1,535.

Flour Prices

With a steady trend in wheat, flour prices too remained unchanged and quoted at Rs 1,755.Similarly, Chokar continued to rule flat and sold at Rs 1,360-1400.

Exports

Thai feed millers have bought 40,000 tonnes of Indian wheat this week at $315 a tonne, including cost and freight.

Indian wheat prices have decreased to around $295 on f.o.b.

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