Wheat rules steady on ample supply, slack buying

Moderate buying kept wheat and flour prices unaltered on Tuesday. Steady domestic demand and supply are keeping wheat and flour prices stable, said market sources.

In the physical market, after witnessing a fall last week, dara prices have been ruling flat. Dara was quoted at Rs 1,530-1,540 a quintal. Around 600 quintals of the dara variety arrived from Uttar Pradesh and the stocks were directly offloaded at the mills. Mill delivery was at Rs 1,530-1,535 while delivery at the chakki was Rs 1,540.

Radhey Sham, a trade expert, told

Business Line that the situation of the market was anticipated because the Food Corporation of India’s stocks are keeping wheat prices stable. Similarly, Desi wheat varieties continued to rule flat on low stocks and sluggish demand and quoted between Rs 2,500 and Rs 2,550 a quintal.

On the National Commodity and Derivatives Exchange, wheat for December delivery increased by Re 1 and traded at Rs 1,623 on Tuesday while the January contracts went down by Rs 10 to Rs 1,598.

Wheat spot prices on the exchange traded at Rs 1,530 . According to the market experts, wheat futures are likely to ease further this week.

Flour Prices: With a steady trend in wheat, flour prices are also ruling firm at their previous levels and quoted at Rs 1,750. Similarly, Chokar ruled flat and went for Rs 1,550 a quintal.