Wheat futures remained bearish, while spot markets witnessed some recovery on Tuesday.

January contracts on the National Commodity and Derivatives Exchange decreased by Re 1 and traded at Rs 1,591 a quintal; it had touched a high at Rs 1,595 earlier in the day.

While the February contracts went down by Rs 4 to Rs 1,560.

Wheat spot prices on the exchange recovered by Rs 20 and traded at Rs 1,500. There was some volatility in the futures market on Tuesday.

January and February contracts fluctuated continuously between the positive and negative territory.

In the physical market, dara wheat continued to rule unchanged at its previous levels and sold at Rs 1,515-1,525.

Around 650 quintals of dara variety arrived from Uttar Pradesh and the stocks were directly offloaded at the mills.

Mill delivery was at Rs 1,515-1,520 while delivery at the chakki was Rs 1,525.

Similarly, desi wheat varieties ruled flat and quoted at Rs 2,500-50.

Radhey Shyam, an expert, told Business Line that since the demand matched supply in the market, wheat prices were unchanged since last week.

Dara wheat and flour prices are likely to rule around current levels for the next few days too, he added.

Flour Prices

With a steady trend in wheat, flour prices too ruled flat and quoted at Rs 1,725.

Similarly, Chokar remained unchanged and sold at Rs 1,400-50.

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