Wheat Not To Get Support From Export Deals, Prices Remain Subdued

NEW DELHI (Commodities control) Bearish trend prevailed in wheat trade in across the markets as demand yet to pick. Recent export deals were not seems to be supportable for prices as the export will take place in many months so market will not get support from exporters’ buying. However, traders expect to see better demand after current fortnight.

Mill quality wheat lowered Rs. 10 to Rs. 1810-1820 per quintal in Delhi as millers have reduced not only buying but also prices. Higher arrival of around 8,000 bags also dampened market sentiments. Similarly, the prices went down by Rs. 25 to Rs. 1475-1500 per quintal in Bhopal. Wheat gained up to Rs. 20 per quintal in Indore in early trade but eased down after millers reduced buying prices by Rs. 20-25 per quintal.

The market did not react positively wheat export deals with Bangladeshi buyers. According to traders, the export will take place in 6-8 months because of poor availability of good quality wheat and limited railway rakes. So, exporters’ buying will not impact market. But traders said that consumers from lower income group will come up in market to purchase Wheat and Atta when they will consume free and subsidized wheat in next 10-12 days. It will improve market sentiments.