Wheat futures edge higher by 0.55% on spot demand

Wheat prices moved up by 0.55 per cent to Rs 2,001 per quintal in futures market today as speculators built up fresh positions amid improved demand.

At the National Commodity and Derivatives Exchange, wheat for delivery in October rose by Rs 11, or 0.55 per cent to Rs 2,001 per quintal with an open interest of 600 lots.

Likewise, the wheat for delivery in September was trading higher by Rs 6, or 0.30 per cent to Rs 1,991 per quintal in 3,950 lots.

Analysts said fresh positions created by traders following improved demand in the physical market and a pause in arrivals from producing belts, mainly attributed the rise in wheat prices in futures trade.