New Delhi/Indore: Indore, a benchmark market for gram, wheat and soybean, resumed operations from Friday after being shut for nearly two months.
Initially, the market was shut on account of local festivals, and then from April 19 due to COVID-19 lockdown in the state.
"As the market reopened after so many days, the trade was thin and there was no demand for any commodity," said NK Agarwal, a local trader.
"Today, chana (gram) was sold at Rs 5,000 – Rs 5,200 per 100 kg and arrivals were pegged at 1,000 bags (1 bag = 90 kg). Chana prices fell by Rs 100 –Rs 200 compared with prices before the market was shut," Agarwal said.
"There was very little activity in the chana market as it reopened after over a month. The market will be properly functional from Monday," he added.
Demand for wheat was also weak on Friday. The mill-quality wheat was sold at Rs 1,700 – Rs 1,775 per 100 kg, down Rs 100 – Rs 150 before the market shut.
Arrivals were pegged at 500 bags (1 bag = 100 kg). "Wheat arrivals were weak as the mandi reopened today. Supply is likely to gain momentum from Monday, once the market is functional like before," said Sachin Agarwal, an Indore-based trader.
Similarly, soybean prices were also fell by Rs 600 on Friday due to weak demand. Soybean was sold at Rs 7,000 per 100 kg and arrivals were at Rs 500 bags (1 bag = 100 kg), said Raj Mangal, an Indore-based trader.
"Soybean prices are expected to fall further by Rs 600 – Rs 700 as arrivals would pick up in coming days," Mangal added. The Madhya Pradesh government on Tuesday reviewed the COVID-19 situation in the state and extended the curfew till Tuesday, with relaxations.
According to the new guidelines, markets in Ujjain will remain open till 7 pm while in Khargone, individual shops will open on an odd-even basis.