Wheat futures marginally up on short-covering

In range-bound movements, wheat futures traded marginally higher by 0.24% to Rs 1,244.60 per quintal as speculators turned active and enlarged their positions at prevailing levels.  

At the National Commodity and Derivatives Exchange, wheat for delivery in August gained Rs 3, or 0.24%, to Rs 1,244.60 per quintal, with an open interest of 670 lots.

Similarly, wheat for delivery in April traded Rs 1.40 higher, or 0.12%, to Rs 1,149 per quintal, with a business turnover of 5,350 lots. 

Analysts said creation of fresh positions by speculators at prevailing levels, helped wheat prices to recover at futures trade today. 

However, prospects of record output continued to weigh on the wheat futures, they added.