Wheat maintains upward trend in futures trade

Continuing its gaining run for the sixth straight day, wheat prices rose by another 0.38 per cent to Rs 1,850 per quintal in futures trade today as traders engaged in widening their positions on the back of increased demand from flour mills against tight supply.
At the National Commodity and Derivatives Exchange, wheat for delivery in far-month December advanced by Rs 7, or 0.38 per cent to Rs 1,850 per quintal with an open interest of 710 lots.
In a similar fashion, the wheat for delivery in November edged up by Rs 3, or 0.16 per cent to Rs 1,830 per quintal in 9,900 lots.

Analysts said expanding of positions by participants backed up by rising demand from flour mills in the physical market against tight stocks position on fall in arrivals kept wheat prices higher at futures trade.