Wheat futures up 0.40% on uptick in demand

Wheat prices were up 0.40 per cent to Rs 1,758 per quintal in futures market today as speculators built up fresh positions, driven by pick up in demand from flour mills in the spot market.
At the National Commodity and Derivatives Exchange, wheat for delivery in November month rose by Rs 7, or 0.40 per cent to Rs 1,758 per quintal with an open interest of 1,860 lots.
Likewise, the wheat for delivery in October contracts edged higher by Rs 4, or 0.23 per cent to Rs 1,749 per quintal in 11,370 lots.
Analysts said speculative positions built up traders driven by pick up in demand from flour mills amid pause in arrivals from producing belts,mainly led to rise in wheat prices at futures trade.

Meanwhile, India is likely to import up to 2 million tonne (MT) wheat in the current fiscal after the customs duty cut on the grain to boost domestic supply and check prices, according to flour millers.