Wheat inches up by 0.40 pc in futures trade

Wheat prices edged up by 0.40 per cent to Rs 1,762 per quintal in futures trade today as speculators expanded their positions.
In futures trading at the National Commodity and Derivatives Exchange, wheat for delivery in July was higher by Rs 7, or 0.40 per cent to Rs 1,762 per quintal with an open interest of 27,380 lots.
Similarly, wheat for delivery in far-month August gained Rs 7, or 0.39 per cent to Rs 1,791 per quintal in 12,840 lots.
Analysts said widening of positions by speculators, mainly led to rise in the wheat prices at futures trade.
Meanwhile, wheat procurement has taken a hit as it has declined 18 per cent to 22.9 million tonnes so far this year following lower arrival of grains in the market despite forecast of a higher output.

In the current 2016-17 marketing year, wheat procurement has touched 22.9 million tonnes and the purchase process has almost ended.