Wheat down 0.6% on record output hopes
Prices went down as speculators indulged in reducing their positions
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Wheat futures for June fell by Rs 8, or 0.56%, to Rs 1,411 per quintal in 11,530 lots.
At the National Commodity and Derivatives Exchange (NCDEX), the May contract shed Rs 5, or 0.36%, to Rs 1,402 per quintal in 15,800 lots.
Prices went down as speculators indulged in reducing their positions amid hopes of a record output this year.
Besides higher supplies from new crop from some producing regions in the physical market, reduced demand from flour mills also kept pressure on the wheat prices at futures trade here.
India's wheat production is expected to surpass last year's record 94.88 million tonne.
At the National Commodity and Derivatives Exchange (NCDEX), the May contract shed Rs 5, or 0.36%, to Rs 1,402 per quintal in 15,800 lots.
Prices went down as speculators indulged in reducing their positions amid hopes of a record output this year.
Besides higher supplies from new crop from some producing regions in the physical market, reduced demand from flour mills also kept pressure on the wheat prices at futures trade here.
India's wheat production is expected to surpass last year's record 94.88 million tonne.
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First Published: Apr 11 2013 | 12:46 PM IST