July 15, 2010
Pakistan's wheat prices show decrease
The strike called off by 1,200 millers across Pakistan on Monday (July 12) has not only helped in overcoming the flour shortage but has also brought down wheat prices in the open market in the city.
The commodity which was previously available in the open market at PKR2,420 (US$28.3) per 100kg bag is now sold at PKR2,360 (US$27.6) per 100kg bag, traders said on Wednesday (Jul 14).
Wheat traders in the largest wholesale market of the city situated at Jodia Bazaar have attributed the decline in wheat rates on account of plunge in demand of all varieties of flour in retail and wholesale markets of the city during the current month.
"Some 30-40% decline was witnessed in the demand of chakki flour, ex-mill flour, fine flour and Ashrafi brand of atta, manifesting sharp decrease in the buying power of an overwhelming number of consumers," said a leading wheat wholesaler.
Referring to the recent decision of the millers across the country to make downward revision in prices of their products, he said it was taken under compelling circumstances, as they were unable to dispose off large stocks of flour grinded in mills in the hope of catering to the growing demand of the commodity after the strike.
