Dara wheat prices continued to tumble on account of easy availability of stocks and steady domestic demand on Friday.

Satish Kumar, a wheat trader, told Business Line that dara prices dropped mainly because of ample availability of stocks against the steady domestic demand. Bulk buyers are keeping themselves out of the market and only need-based buying is taking place currently, he added.

Traders expect dara wheat to continue ruling around current levels in the coming days and any further fall from here is unlikely, said Kumar.

In the physical market, about 50 thousand bags of wheat arrived and stocks remained unsold due to high moisture level. 

Dara wheat dropped further by ₹10 and sold at ₹1,495-1,500 a quintal. Around 1,500 bags of wheat arrived and stocks were directly offloaded at the mills. Mill delivery was at ₹1,495 a quintal while delivery at the chakki was at ₹1,500 a quintal.

NCDEX Futures market remained closed on Friday on account of Good Friday while a mixed trend was witnessed on the National Commodity and Derivatives Exchange on Thursday. April contracts went up by ₹18 and traded at ₹1,530 a quintal with an open interest of 350 lots. The grain had made a low at ₹1,499 a quintal earlier in the day.

May contracts dropped by ₹3 and traded at ₹1,533 a quintal.  May contracts have some support at ₹1,529 a quintal while resistance at ₹1,540/quintal.

Flour prices Despite a downtrend in wheat, flour continued to rule flat and sold at ₹1,735 a quintal. Similarly, Chokar was unchanged at ₹1,210 a quintal.

 

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