Wheat futures rebound 1.98% on speculative buying

Wheat prices recovered by 1.98 per cent to Rs 1,648 per quintal in futures market today as speculators created fresh speculative positions.
At the National Commodity and Derivatives Exchange, wheat for delivery in April shot up by Rs 32, or 1.98 per cent to Rs 1,648 per quintal with an open interest of 300 lots.
On similar lines, wheat for delivery in May contracts was trading higher by Rs 7, or 0.43 per cent to Rs 1650 per quintal in 11,310 lots.
Analysts attributed the rise in wheat futures to speculative positions built up by traders.