Farmers and growers in Haryana have stopped selling wheat as they feel that buyers are offering them very low prices. The support price fixed by the Government for this season is Rs 1,285 a quintal and prices have already dropped to Rs 1,190-1,200 a quintal, over the last the last one week.
Traders are ready to sell on these levels but buyers have not shown any interest as they are looking for some more decline, while farmers and traders are not ready to sell below the current levels, said Mr Sewa Ram, a wheat trader.
In the physical market, with not much trading taking place in the market, new wheat remained unchanged and quoted at Rs 1,190-1,200 a quintal. Sluggish demand for flour in the region is a big reason behind the low buying, said market sources.
Similarly, desi wheat remained unchanged. Tohfa variety ruled at Rs 2,300 a quintal, Bhojan King was quoted at Rs 2,200, Rasoi bhog was at Rs 1,900, while the Nokia variety traded at 2,150 a quintal.
The June contract on the National Commodity and Derivatives Exchange increased by Rs 2 to Rs 1,177 a quintal, it had touched a high at Rs 1,179 a quintal earlier on Friday. Wheat spot prices on the MCX went up by Rs 0.4 to Rs 1,304.2 a quintal.
Flour Prices
After witnessing a downtrend earlier this week, flour prices remained unchanged quoted at Rs 1,210 for a 90-kg bag. Chokar continued to rule firm and sold at Rs 650-660 for a 49-kg bag.