India spot wheat prices fall on tepid buys

Prices of mill-quality wheat fell today due to weak demand from bulk buyers at key spot markets amid largely steady arrivals. Demand at key spot markets fell today as most bulk buyers moved to the government weekly auctions that took place. In Indore, arrivals are pegged steady at 1,000 bags (1 bag = 100 kg), while in Jaipur, arrivals are seen at 800-900 bags. Prices of the food grain are likely to fall further in coming days due to a record high crop expected this year, Kota-based trader Aniket Mehta said. The government has pegged wheat output in 2019-20 (Apr-Mar) at a record high of 106.1 mln tn, up 2.5% on year. Demand at spot markets are likely to fall further in coming days as most bulk buyers may move away as the fresh crop is expected to hit the markets in March.

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