Indore: Spot market resumes operations, gram, wheat prices down on thin trade

There was very little activity in chana market as it reopened after over a month. Demand for wheat was also weak on Friday.

AgenciesUpdated: Friday, June 11, 2021, 03:56 PM IST
article-image
Indore, a benchmark market for gram, wheat and soybean, resumed operations from Friday after being shut for nearly two months |

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.

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

5th Test: Cheteshwar Pujara scores gritty 50 as India reach 125-3 against England on Day 3 to lead...

5th Test: Cheteshwar Pujara scores gritty 50 as India reach 125-3 against England on Day 3 to lead...

Warm-up match: All-round Harshal Patel stars in India's 10-run victory over Northamptonshire

Warm-up match: All-round Harshal Patel stars in India's 10-run victory over Northamptonshire

Mumbai: Wife gets anticipatory bail in cash-for-job scam

Mumbai: Wife gets anticipatory bail in cash-for-job scam

Speaker’s Election: Ruling & Opposition members take dig against each other

Speaker’s Election: Ruling & Opposition members take dig against each other

ED summons former Mumbai CP Sanjay Pandey in connection with NSE co-location scam

ED summons former Mumbai CP Sanjay Pandey in connection with NSE co-location scam