Wheat may see range-bound trading

A range-bound movement in wheat prices is likely to be witnessed in the coming days, according to traders.

Moderate buying kept dara wheat and flour prices unchanged on Tuesday.

About 15,000 bags of wheat arrived at the Karnal Grain Market Terminal. Quality of the stock was medium and procurement was done by Government agencies at the minimum support price.

Radhey Sham, a trade expert, told

Business Line that only need-based buying is taking place in the market at present. After witnessing a fall last weekend, market has been ruling flat since then and it may continue to rule around current levels even in the next few days, he added.

In the physical market, Dara wheat remained unchanged and quoted at Rs 1,400-1,405 a quintal. Mill delivery was at Rs 1,400 while delivery at the chakki was Rs 1,405.

In Delhi’s Lawrence road market, a benchmark for the country, wheat mill quality traded at Rs 1,430-1,450.

On the National Commodity and Derivatives Exchange, wheat futures traded positive on good buying support. Wheat for May series increased by Rs 11 and traded at 1,486 with an open interest of 4,180 lots.June contracts went up by Rs 6 and traded at Rs 1,508.

According to market experts, fresh buying to meet the upcoming season demand mainly led the wheat prices upwards. However, arrival of new crop in mandis, limited the rise. While, wheat spot prices on the exchange deceased by Rs 2.5 and traded at Rs 1,400.

Flour Prices

With a steady trend in wheat, flour too ruled flat and quoted at Rs 1,670. Similarly, Chokar ruled flat and sold at Rs 1,250-1,275 a quintal.