Wheat futures fell on Tuesday as speculators preferred to book profits after scoring hefty gains recently, while the spot market remained supportive following good demand.
On the National Commodity and Derivatives Exchange, wheat for August delivery decreased by Rs 7 to Rs 1,426 a quintal; it had touched a low at Rs 1,416 earlier on Tuesday. September contracts went down by Rs 7 to Rs 1,457 a quintal. On the other hand, spot prices at the MCX improved by Rs 18.3 a quintal on low arrivals and good demand and ruled at Rs 1,418.3 a quintal.
Wheat futures may see further correction in the coming weeks as the prices have surged during this month, said market experts.
Dara and flour prices, having witnessed a rally last weekend at the physical market, remained almost unchanged. Following domestic demand for flour, interest in dara wheat remained firm, said Mr Satish Kumar, a wheat trader.
Only 40 tonnes of dara variety arrived from Uttar Pradesh and the stocks were directly offloaded at the mills. Mill delivery was at Rs 1,250-1,255 a quintal while delivery at the chakki was at Rs 1,260 a quintal.
Similarly, desi wheat varieties continued to rule flat: Tohfa sold at Rs 2,000 a quintal, Bhojan King quoted at Rs 2,100, while the Nokia variety traded at 2,020 a quintal.
Flour Prices
With a steady trend in wheat, flour too remained unchanged and quoted at Rs 1,225-1,230 for a 90-kg bag. Similarly, Chokar ruled flat and sold at Rs 650 for a 49-kg bag.