Monday 14 May 2012
India
The wheat market
Wheat futures prices today fell by Rs 5, or 0.42 per cent, to Rs 1,195 per quintal, as speculators reduced their positions, triggered by reports of rising procurement of grain in the ongoing rabi marketing season, amid slackened demand from flour mills. At the National Commodity and Derivatives Exchange, wheat for delivery in May traded Rs 5, or 0.42 per cent lower, at Rs 1,195 per quintal, with an open interest of 22,900 lots.
Similarly, wheat for delivery in June shed Rs 3, or 0.25 per cent, to Rs 1,211 per quintal, with an open interest of 14,310 lots.
Analysts said the fall in wheat prices at futures trade was due to off-loading of positions by speculators as procurement of grain by the government agencies picked up and sluggish demand from flour mills.
Meanwhile, wheat procurement in the country has risen by 16 per cent to 121.69 lakh tonnes in the current rabi marketing season so far.
Source: Argentine Beef Packers S.A.
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