A range-bound movement is likely in wheat futures and spot market in the coming days, according to traders.
Around 1,000 bags of wheat arrived on Tuesday and procurement was done by the private traders.
In the physical market, after witnessing a good rally last week, dara wheat ruled flat and sold at Rs 1,535-1,540 a quintal. Mill delivery was at Rs 1,535, while delivery at the chakki was Rs 1,540.
Desi wheat variety sold at Rs 2,300.
Radhey Sham, a trade expert, told Business Line that restricted availability of stocks coupled with steady demand kept dara wheat and flour unchanged. Traders expect that market may continue to rule around current levels for the next few days and then, it may witness a marginal fall. In Delhi’s Lawrence road market, a benchmark for the country, wheat mill quality traded at Rs 1,580-1,600.
On the National Commodity and Derivatives Exchange, wheat for June contracts increased by Rs 8 and traded at Rs 1,594 with an open interest of 1,610 lots. The grain had made a low at Rs 1,584 earlier in the day.
July contracts went up by Rs 7 to Rs 1,596.
Wheat spot prices on the exchange went up by Rs 7.50 and traded at Rs 1,487.5.
Flour Prices
With a steady trend in wheat, flour too ruled flat and quoted at Rs 1,800. Similarly, Chokar continued to rule unchanged and sold at Rs 1,250-1,275.