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Restricted arrivals in the market coupled with rising domestic demand, pushed rice, wheat and poultry prices upwards last week.
Wheat
After ruling flat for almost two weeks, dara wheat prices improved by Rs 10 to 1,530-1,535 a quintal on account of frantic buying by the small aata chakki owners.
Sewa Ram, a wheat trader, told Business Line that small aata chakki owners have been depending on open market to meet their demand as they were not able to get stocks from Food Corporation of India. Traders expect that any major alteration in market is unlikely in the next week, he added.
Similarly, wheat futures extended a firm trend on export and strong physical demands.
On the National Commodity and Derivatives Exchange, wheat contracts from February to June ended up with a positive note.
Similarly, spot market remained supportive and went up by Rs 30 last week.
According to the reports, wheat exports are expected to remain competitive at least till July.
Rice
Prices of aromatic and non-basmati rice varieties went up by Rs 50-400 on account of low availability of good quality stocks.
Rising domestic demand and fresh trade enquires also supported the market throughout this week.
Pusa-1121 (steam) and Pusa-1121 (sela) were quoted at Rs 7,600 and Rs 6,600, respectively, which were the highest level of the season.
Traders expect that market may rule range-bound for the next few days.
Poultry Items
After witnessing some correction earlier on Wednesday, broiler and chick witnessed a good rally on fall in supply and good demand on Saturday. Arrivals have dropped drastically over the last couple of days, and if supplies don’t improve, prices may go further up marginally said trade experts.
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