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Wheat futures and spot markets remained bearish on Friday.
After witnessing some recovery earlier this week, January contracts on the National Commodity and Derivatives Exchange decreased by Re 1 and traded at Rs 1,587 a quintal; it had touched a high at Rs 1,590 earlier in the day. While the February contracts went down by Rs 6 to Rs 1,559 .
Wheat spot prices on the exchange eased by Rs 20 and traded at Rs 1,500.
Demand for Indian wheat, especially from South-East Asian countries, has risen sharply and strong export demand is giving some support to the market and limiting the downtrend, said market experts.
In the physical market, after witnessing a fall earlier on Wednesday this week, dara wheat and flour prices are ruling unchanged, since then. Dara quoted at Rs 1,515-1,525 a quintal.
Around 700 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 between Rs 2,500 and Rs 2,550 .
Flour Prices
Steady domestic demand kept flour prices flat and quoted at Rs 1,725.
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