March 30, 2011
 

Decreased purchasing pulls down India's wheat prices

India's Dara wheat prices continued to tumble on account of low buying in the market, with prices of the Dara variety dropping by INR20-25 (US$0.45-0.56) a quintal while prices of desi wheat only experienced marginal changes, on Tuesday (Mar 29).

Subhash Chander, a wheat trader, said that farmers have begun harvesting in a few areas of the state. Harvesting work is being done manually at present, but machines may be used in the second week of April, he added.

As this is the end of the financial year, there are no new orders, said Subhash. With very low demand for flour and wheat, there were no wheat arrivals from Uttar Pradesh on Tuesday (Mar 29).

The Dara variety ruled at INR1,170-1,175 (US$26-26.20) a quintal as compared to last weekend's levels of around INR1,200 a quintal. For the higher quality, it was about INR1,185 (US$26.50) a quintal. Mill delivery was about INR1,175-1,780 (US$26.20-39.80) while it was sold and bought at INR1,185-1,188 (US$26.47-26.54) a quintal in the retail market.

In the desi wheat ranges, Tohfa dropped by INR10 (US$0.22) to INR2,350-2,370 (US$52.50-53) a quintal, Doodh Malai was quoted at INR2,315 (US$51.72) a quintal while Aaj Tak was sold and bought at INR2,340 (US$52.28) a quintal.