Wheat up 1% on likely dip in foodgrain production

Wheat futures for February edged up by Rs 15, or 0.97%, to Rs 1,560 per quintal in 840 lots.

At the National Commodity and Derivatives Exchange (NCDEX), the March contract gained Re 1, or 0.07%, to Rs 1,457 per quintal in 8,680 lots.

Participants creating speculative positions also supported the trade.

Reports saying country's foodgrain production is estimated to decline by 3.5% to 250.14 million tonnes in 2012-13 crop year as poor rains have hit rice and coarse cereal crops, influenced wheat futures trade.