Wheat Prices Slip In Across Regions On Poor Exporters’ Demand

NEW DELHI (Commodities control) Wheat prices fell down today in across the market as demand slumped from various corners of buyers. The prices came down up to Rs. 25 per quintal in all the markets. The bearish trend may continue until bounce back in demand from exporters.

Wheat prices fell down by up to Rs. 25 per quintal in Rajasthan, Madhya Pradesh and Uttar Pradesh. Bhopal based traders said that flour millers also absent from the market. Probably, they had bought enough stock in last week when the prices were moving up. Now, they expect more down fall so they were reluctant for fresh buying.

Actually, wheat market in Rajasthan, UP and MP was driven by exporters’ demand. As they stopped buying for export, so the market turned to bearish. A trader from Bundi mandi Mr. Uttam Jethwani told that exporters have very limited stock facility so they want to load vessels scheduled by 10 February. Although, the exporters were cautious for quality but they will buy wheat when they have space for stocking after 10 February. Accordingly, exporters’ demand is likely to come back after two weeks

Weak sentiments in these states dampened market tone in Delhi also. Wheat prices fell down by Rs. 10 per quintal in Delhi. According to traders, the prices will remain range bound as supplies from Haryana based government’s warehouses was sufficient. It is to be noted RSQ wheat ss available in Haryana at Rs. 1840 per quintal (Ex Ludhiana). The prices will gain only when the cheaper wheat stock will be exhausted.