Wheat weakens on increased supply

Amid adequate stocks in the market following pick up in supply, wheat prices fell upto by Rs 20 per quintal on the wholesale grains market today.

Elsewhere, other commodities including rice, traded in a limited range in the absence of worthwhile activity and settled around previous closing.

Traders said increased supplies in the market, driven by hopes of higher output at producing regions due to favourable conditions, weighed on the wheat prices.

Besides, a weak trend in grain at the National Commodity and Drivatives (NCDEX) also kept pressure, they said.  

Wheat MP (deshi) shed Rs 20 at Rs 1,710-1,860 per quintal, while wheat dara, consumed by flour mills, shed Rs 10 at Rs 1,335-1,340 per quintal.

Following are today's quotations in Rs per quintal:

Wheat MP (deshi) 1,710-1,860, wheat dara (for mills) 1,335-1,340 chakki atta (delivery) 1,345-1,350, atta Rajdhani (10 kg) 175, Shakti bhog (10 kg) 175, Roller flour mill 740-760 (50 kg), Maida 800-830 (50 kg) and Sooji 840-860 (50 kg)

Basmati rice (Lal Quila) 9,500, Shri Lal Mahal 9,300, Super basmati rice 9,000, Basmati common 5,600-5,700, rice Pusa-(1121) 4,450-5,550, Permal raw 1,875-1,925, Permal wand 2,025-2,175, Sela 2,150-2,205 and Rice IR-8 1,745-1,770

Bajra 840-850, Jowar yellow 880-980, white 1,800-1,850, Maize 1,150-1,160, Barley (UP) 1,260-1,280 and Rajasthan 1,080-1,090