Wheat up 0.9% on export demand

Reports that PEC has got a $307.5 per tonne bid from Concordia influences prices

Wheat futures prices today rose by 0.9% to Rs 1,457 per quintal as speculators engaged in enlarging positions on hopes of a pick up in export demand.

At National Commodity and Derivatives Exchange, wheat for delivery in November traded Rs 13, or 0.90%, higher at Rs 1,457 per quintal, with an open interest of 8,870 lots.

October wheat rose by Rs 10, or 0.68%, to Rs 1,471 per quintal, with an open interest of 10,330 lots.

Marketmen said the rise in wheat prices at futures market was due to reports that state-run PEC has received the highest bid at $307.5 per tonne from Concordia in its wheat export tender.