Wheat prices up in Indore as traders withhold stock.

Wheat prices rose in benchmark Indore market on lower supplies as traders withheld their stocks, anticipating a hike in import duty will boost domestic prices. Wheat supplies to market are falling now as traders are holding back their stocks in anticipation of a rise in prices when there is a hike in import duty. Farm ministry has sent a proposal to the finance ministry seeking an increase in the import duty on wheat to 20% from current 10%. Demand for wheat is also rising as stocks with bulk buyers are depleting.