Wheat futures surge on speculative buying

Wheat prices shot up by 0.95 per cent to Rs 1,808 per quintal in futures trade today as speculators built up fresh positions.

At the National Commodity and Derivatives Exchange, wheat for delivery in August shot up by Rs 17, or 0.95 per cent to Rs 1,808 per quintal with an open interest of 240 lots.

Similarly, the wheat for delivery in July went up by Rs 9, or 0.50 per cent to Rs 1,795 per quintal with an open interest of 9,300 lots.

Analysts said fresh positions created by traders following pick-up in demand in the physical market and a pause in arrivals from producing belts influenced wheat prices.