A range-bound to steady movement in wheat price is likely by in the coming days, according to traders.

Restricted trading coupled with easy availability of stocks pulled dara wheat prices marginally down, while flour remained unchanged on steady demand on Thursday.

About 18,000 bags of wheat arrived at the Karnal Grain Market Terminal. Quality of the stock was medium and procurement was done by the 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. The Government may announce Rs 100 bonus over MSP soon and wheat prices may increase after the announcement, till then market may continue to rule around current levels, he added.

In the physical market, Dara wheat eased by Rs 10 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 1,445-1,465 a quintal.

On the National Commodity and Derivatives Exchange, wheat futures traded positive on good buying support. Wheat for May contracts increased by Rs 7 and traded at 1,485 with an open interest of 10,030 lots. June contracts went up by Rs 8 and traded at Rs 1,510.

Fresh buying by flour mills to meet the current demand mainly led to rise in wheat prices. Wheat spot prices on the exchange improved by Rs 12.5 and traded at Rs 1,400.

Flour Prices

Despite a fall in wheat, flour remained unchanged and quoted at Rs 1,670 . On the other hand, Chokar improved by Rs 25 and sold at Rs 1,250-1,275 a quintal.

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