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Slack buying coupled with an easy availability of stocks pulled dara wheat and flour prices down by Rs 10-15 a quintal, respectively, on Tuesday.
Stock meant for the below poverty line-cardholders is coming into the open market for sale and sluggish demand and ample stocks are putting pressure on the market, said Satish Kumar, a trader.
Despite not much buying in the market, any major alteration in wheat prices is unlikely and it may rule around current levels for the next few days, he said. In the physical market, dara wheat continued to rule unchanged at Rs 1,510-1,515.
Around 600 quintals of dara variety arrived from Uttar Pradesh the stocks were directly offloaded at the mills.
Mill delivery was at Rs 1,510 while delivery at the chakki was Rs 1,515.
Meanwhile, wheat futures witnessed a good uptrend on buying interest.
On the National Commodity and Derivatives Exchange, wheat for January delivery went up by Rs 42 and traded at Rs 1,575; it had touched a high at Rs 1,580 earlier in the day.
The February contracts increased by Rs 18 to Rs 1,478.
Wheat spot prices on the exchange dropped by Rs 5 at Rs 1,480.
After witnessing a continuous fall over the last few weeks, Indian wheat futures witnessed a good recovery on Tuesday.
Flour Prices
Following a down trend in wheat, flour prices eased by Rs 15 and quoted at Rs 1,710.
Similarly, Chokar went down by Rs 30 and sold at Rs 1,370-1400.
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