Wheat Prices Fell Down In UP And MP, Bangladeshi Buying Prices Also Lowered

NEW DELHI (Commodities control) Wheat prices slipped by up to Rs. 50 per quintal in Uttar Pradesh and other eastern states because of lower demand from local and export market. Lower export demand from Bangladesh dragged wheat export price (Ex. Bangladesh CIF) by Rs. 70-75 per quintal. Few markets of Rajasthan and Madhya Pradesh also witnessed downfall in wheat prices.

Subdued demand was common factor for all the markets. Wheat prices fell down by Rs. 50 per quintal in Kanpur. Bhopal market witnessed price fall of Rs. 25 per quintal. The prices came from Rs. 1680-1700 to Rs. 1670-1690 per quintal in Bareilly. Wheat trader Mr. Raju Khandelwal from Bareilly told that demand was weak not only in domestic market but also Bangadeshi export market which is major land connected foreign market for Indian exporters. Wheat prices (CIF Ex Bangladesh) fell down to Rs. 1975-1980 per quintal, while the prices were ruling at Rs. 2050-2060 per quintal 3-4 days back. Bangladeshi buyers were ready for buying at lower price due to poor products demand. It was similar issue in Bhopal where millers reduced buying prices by Rs. 25 per quintal because of lower demand of wheat products.

However, mixed trend was noticed in Rajasthan where the prices gained slightly due to lower arrival in weekend. Delhi market also recorded price hike of Rs. 10 per quintal. It was quoted at Rs. 1860-1870 per quintal.