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Wheat rules flat as millers stay off

Wheat rules flat as millers stay off
Hindu Business Line, May 4, 2012
Wheat arrivals remained sluggish as only 78,000 bags of new wheat arrived at the Karnal grain market terminal on Thursday. Prices ruled at the minimum support level of Rs 1,285 a quintal.

Only Government-owned procurement agencies are buying at present and private traders will start lifting stocks when the agencies stop procurment, said market sources. Flour millers are also keeping themselves out of the market as the domestic demand for flour is very low, said sources.

Around 100 tonnes of different varieties of desi wheat arrived from Madhya Pradesh. Tohfa variety ruled at Rs 2,300 a quintal, Bhojan King was quoted at Rs 2,200, Rasoi bhog was at Rs 1,900, while the Nokia variety traded at 2,150 a quintal.

On the National Commodity and Derivatives Exchange, wheat for May delivery increased by Rs 5 to Rs 1,188 a quintal after touching a low at Rs 1,179 a quintal earlier on Thursday. June delivery on the exchange went up by Rs 3 to Rs 1,202 a quintal.

Flour Prices

With not much buying in the market, flour prices continued to rule flat at Rs 1,300 for a 90-kg bag. Branded flour such as Shakti Bhog and Ashirwad quoted at Rs 200 and Rs 215 for a 10-kg bag, respectively. On the other hand, frantic buying pushed Chokar prices upwards. Chokar went up by Rs 50 and sold at Rs 640 for a 49-kg bag.

Government agencies and private millers procured more than 9.17 million tonnes of wheat till May 1.

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