Spot wheat prices up on improved demand

Spot prices of wheat edged slightly higher in key markets of Delhi and Kota due to improvement in demand from bulk buyers. In Delhi, spot prices of mill-quality wheat were at 1,970-1,980 rupees per 100 kg. Price of mill-quality wheat in the Kota, a key market, was at 1,840-1,880 rupees per 100 kg, up from 1,850-1,870 rupees on previous close. Prices edged higher in Kota also because of a fall in daily arrivals. Daily supply of wheat is down because the government procured the food grain aggressively this year. The government procured 35.5 mln tn of wheat in 2018-19 (Apr-Mar), against 30.8 mln tn in the previous year. On NCDEX, the front-month August contract of wheat moved in a narrow range and ended at 1,972 rupees per 100 kg, down 0.3% from the previous close.