News Desk
ISLAMABAD: The private wheat market crashed due to a bearish trend in Punjab on Tuesday, at a time when the heart-wrenching scenes of queuing people for hours to get a bag of wheat flour are being witnessed every day.
In Rawalpindi, the wheat prices shrank by Rs750 per 40 kilograms to Rs4,500 from Rs5,250.
But the market is still unable to attract buyers. On the other side, the flour mills reduced the procurement of wheat from private markets after the government increased the quota of wheat available in utility stores.
Hoarders offer wheat at lower rates
In the new development, the hoarders offered wheat at lower rates to the flour mill owners but they declined it.
In Lahore, the wheat availability situation is getting better and the sale at trucking points in different parts is getting slower.
However, the northern parts of the city are still struggling with the situation and the food department has deployed special teams at check posts of the district borders to prevent wheat smuggling.
