Delhi spot wheat prices crash by over Rs 100

Spot prices of wheat fell by over Rs 100 per 100 kg to Rs 800-825 in Delhi on Monday compared with Saturday on new arrivals from Madhya Pradesh and Gujarat, dealers said. Wheat prices are expected to decline to Rs 750 per 100 kg within a fortnight once arrivals from Punjab and Haryana commence, they said.

"Wheat prices in Delhi crashed today as large quantities of the grain arrived from Gujarat and Madhya Pradesh," a city-based dealer said.

He said two rakes of wheat have arrived from Gujarat and one from Madhya Pradesh. Each rake carries about 25,000 bags of wheat.

Arrivals have also started from Mathura and other adjoining areas of Uttar Pradesh, another dealer said. He said about 5,000 bags of wheat have already come in from Uttar Pradesh.

"Increased arrivals are keeping the market sentiment bearish," he said adding prices are expected to fall to about Rs 750 per 100 kg within a fortnight after arrivals from Punjab and Haryana gather momentum.