Indore: Wheat falls on low bulk demand as supply rises in Madhya Pradesh’s key market

Demand from bulk buyers has not yet picked up as consumption at restaurants and food stalls is still at low levels.

AgenciesUpdated: Wednesday, June 16, 2021, 04:27 PM IST
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Arrivals were pegged at around 1,500 bags (1 bag = 100 kg) from around 500-600 bags on the previous day |

New Delhi/Indore: Prices of wheat in Indore fell on Wednesday while those of maize in Purnea were marginally higher.

The wheat prices in Indore, a key market in Madhya Pradesh, fell because of an increase in the supply of the food grain following the easing of Covid-induced restrictions, a local trader NK Agarwal said.

Arrivals were pegged at around 1,500 bags (1 bag = 100 kg) from around 500-600 bags on the previous day. Also, weak demand from bulk buyers weighed on prices of the commodity, traders said. Demand from bulk buyers has not yet picked up as consumption at restaurants and food stalls is still at low levels.

In Purnea, Bihar, maize prices were marginally higher because of a sharp fall in arrivals of the coarse grain. Arrivals were pegged lower as the weather is unsuitable for farmers to offload stocks in market.

Arrivals were pegged at 375,000 bags (1 bag = 65 kg), from around 750,000 bags on the previous day. However, weak demand from bulk buyers capped the rise in prices of the commodity.

Prices of Basmati 1121 and millet were unchanged across markets.

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