Wheat prices were lower on the wholesale grain market on Tuesday where many retailers were reluctant in making new deals in expectations of fall in the prevailing rates, dealers said. Commenting on the downward trend in the wheat prices, some commodity experts said that rates slipped due to easy availability of the wheat in market.
This year, country harvested bumper wheat crop and this factor may cause export to other countries, which can create shortage of the same commodity. Prices have already went up and export of wheat likely to push the rates further higher and may take away some bites from the poor, because it looks they have no right to take some sighs of relief as a result of high inflation in the country, they said.
On the cereal side, wheat old and new (Bardan), gave up overnight firmness, losing Rs 25 to Rs 2425-2440. Gur followed the same pattern, falling sharply by Rs 200 to Rs 5300-6300, other items did not show any change in process of trading, dealers said.
On the seed side, rapeseeds Nawabshah gained Rs 100 to Rs 2050-2100, rapeseeds Dadulane picked Rs 50 to Rs 1850-1900 and rapeseeds Mirpurlane rose by Rs 25 to Rs 2050-2075 and cottonseeds oilcake with bag low type shed Rs 5 to Rs 1370 while the best type was unchanged at Rs 1400, they said. Rice and grams sectors held the overnight levels in process of trading, they said.