Wheat futures rise after govt lifts export ban

A day after government lifted 20-month export ban on the grain, wheat futures today rose by one per cent to Rs 1,087 per quintal on the NCDEX counter.     

At 1600 hours, the most active July contract rose by 1 per cent to Rs 1,087 per quintal, compared with yesterday's closing Rs 1,077 per quintal.

There is a positive movement in the far-month contracts. Both the September and October contracts rose by one per cent at Rs 1,131 and Rs 1,152 per quintal respectively.     

"Wheat futures have gone up marginally after the government lifted ban on wheat exports," an analyst with commodity brokerage Karvy Comtrade said.     

Yesterday, the government removed 20-months ban on wheat export and allowed shipment of up to 900,000 tonnes by government-owned trading agencies. Recently, the government has also permitted export of 650,000 tonnes of wheat products like wheat flour and maida.     

Spot prices also moved up in major cities. Prices in Delhi, the main centre for wheat trading in the country, were ruling at Rs 1,050 per quintal today.