India wheat down on weak demand.
Prices of mill-quality wheat continued to fall due to a decline in demand from bulk buyers and stockists, traders said. However, the decline in prices were limited due to a gradual fall in arrivals. Demand is seen weak in the coming few weeks as most bulk buyers have shifted to the government's weekly auction–open market sale scheme–after arrivals waned at spot markets.
Private wheat purchases at the government auctions have risen to 457,000 tn till the fourth week of November compared with 293,200 tn till the first week of November. Prices may rise in early January when the base price at the government auction jumps 55 rupees to 2,245 rupees per 100 kg. However, most demand for wheat is likely to be at the government auctions.
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