India spot wheat down on weak buys.
Prices of mill-quality wheat were down in spot markets due to a continued decline in demand from flour millers amid steady arrivals. Demand at spot markets remained weak as most bulk purchasers have shifted to the government's weekly auctions after supply at spot markets dried up. Arrivals are likely to remain steady in the coming weeks as stockists are holding back stocks in anticipation of a recovery in prices in the next quarter. For now, however, prices are likely to remain steady as most bulk buyers will source the grain at lower cost in the auctions. With the decline in supply at spot markets, off take at government auctions has started rising. So far, private players have bought 441,950 tn wheat from the central pool.