Demand for wheat may rise in near term: Karnal, Wheat futures may - TopicsExpress

Demand for wheat may rise in near term: Karnal, Wheat futures may witness a range-bound to weak movement, while dara wheat in physical market may rule without much fluctuation in the coming days, said market experts. Expectations of an increase in demand pushed dara prices marginally up, while flour continued to rule flat on moderate buying on Friday. Hopes of a rise in demand mainly pushed up the prices, said Radhey Shyam, a trade expert. Demand is likely to improve in coming days because migrant labourers will be here from the neighbouring States for the kharif harvest, he said. Domestic demand is also providing good support to the market and it may rule range-bound for the next few days but within a positive territory, he said. In the physical market, dara wheat recovered by Rs 5 and quoted at Rs 1,470-75 a quintal. Around 1,000 bags of wheat arrived and stocks were directly offloaded at the mills. Mill delivery was at Rs 1,470 while delivery at the chakki was at Rs 1,475. A flat trend was witnessed on the NCDEX. Wheat for October contracts dropped by Re 1 and traded at 1,571 with an open interest of 6,690 lots. The grain had touched a high at Rs 1,572 a quintal earlier in the day. October contracts have some support at Rs 1,567 while resistance at Rs 1,575 a quintal. November contracts traded at Rs 1,590 . In the spot market, wheat spot prices on the exchange dropped by Rs 15 and traded at Rs 1,550 . Flour Prices Following good domestic demand, flour continued to rule firm and quoted at Rs 1,750. Similarly, Chokar remained unchanged and went for Rs 1,250 a quintal.