Wheat prices surged by 2.97 per cent to Rs 1,627 per quintal in futures trade today as traders widened their positions amid reports of damage to its crop in some parts of Punjab as well as Haryana due to unseasonal rains and hailstorm.
At the National Commodity and Derivatives Exchange, wheat for delivery in March month spurted by Rs 47, or 2.97 per cent to Rs 1,627 per quintal with an open interest of 20 lots.
Wheat for delivery in April contracts, however, held steady at Rs 1,582 per quintal in 2,550 lots.
Analysts said speculative positions built up by participants after reports unseasonal rains and hailstorm in the past few days have damaged wheat crop in some growing regions, led to the rise in its prices at futures trade here.
