Dara wheat and flour prices dropped by Rs 15-30 a quintal on Tuesday.
Ample stocks coupled with reduced off-take pulled wheat prices down, said Radhey Shyam, a trade expert. Flour millers are procuring stocks from the Food Corporation of India through tenders and stocks are easily available now.
It is unlikely to see any major fall and the Food Corporation of India’s stocks may keep wheat prices stable, he said.
“The quality of the FCI stock is good. Actually, it is the best in the last few years, he said.
In the physical market, dara wheat eased by Rs 15 to Rs 1,615-1,620 a quintal. Around 1,000 bags of wheat arrived and the stocks were directly offloaded at the mills. Mill delivery was at Rs 1,615 a quintal, while delivery at the chakki was at Rs 1,620 a quintal.
NCDEX A mixed trend was witnessed on the National Commodity and Derivatives Exchange on Tuesday.
Wheat for December delivery improved by Re 1 to Rs 1,659 a quintal with an open interest of 820 lots. The grain had touched a high at Rs 1,661 a quintal earlier in the day.
January contracts went down by Rs 4 to Rs 1,654 a quintal. January contracts have support at Rs 1,649, while their resistance is at Rs 1,665 a quintal.
In the spot market, wheat dropped by Rs 10 to Rs 1,580 a quintal.
Flour prices Following a downtrend in wheat, flour went down by Rs 30 to Rs 1,880-1,890 a quintal. On the other hand, choker was unchanged at Rs 1,500 a quintal.