Wheat futures up by 0.29% on tight supply

Wheat prices were higher by 0.29 per cent to Rs 1,722 per quintal in futures trading today as speculators built up fresh positions, triggered by tight supply from producing regions at spot market.
At the National Commodity and Derivatives Exchange, wheat for delivery in August month edged higher by Rs 5, or 0.29 per cent to Rs 1,722 per quintal with an open interest of 24,090 lots.
Similarly, the wheat for delivery in far-month September contracts traded higher by Rs 4, or 0.23 per cent to Rs 1745 per quintal in 7,730 lots.
Analysts said speculative positions built up by traders, driven by tight stocks position due to fall in arrivals in the physical market against uptick in demand from flour mills led to rise in wheat prices at futures trade.