The Hindu Business Line : Buying may buoy wheat futures

Wheat futures prices are expected to rule firm this week on continued buying support from bulk consumers and local stockists, despite reports of continued fresh inflows in North India, according to traders.

Wheat April contracts prices on the MCX declined by Rs 11 to Rs 789.80

A quintal on Friday, while May contracts were up Rs 13 to Rs 820. On NCDEX, April contacts were up Rs 10 at Rs 782.40, while May contracts rose Rs 18 to Rs 808.60 .

Spot prices of mill-bar quality were down Rs 30 at Rs 755-760 a quintal last week in New Delhi on reports of good crop outlook.

COTTON

Cotton futures prices could rule higher this week on reports of good export prospects to China supported by continued buying support from mills of North and South India.

Medium Staple cotton (J-34SG) May contracts were up Rs 24 at Rs 1,738 per maund (37.32 kg) last week on some local buying support from mills.

"We may get good export business from China as they prefers Indian cotton at current price," a local trader said. Reports that some substantial business has already been done.

Spot prices of select cotton varieties like Kalyan, J-34 and Shankar in

Mumbai market were up by Rs 200-300 a candy (35.56 kg) last week on some buying interest. Reports that Maharashtra Federation increased its selling prices by Rs 100 a candy last week.

Jeera

Jeera futures prices may rule steady this week on limited buying support amid stray offerings by local stockists, a local trader said.Jeera April contracts (expiring on April 15) on the MCX platform were up Rs 10 at Rs 5,663 a quintal ex-Unjha last week, while the same contract(expiring on April 20) on NCDEX were up Rs 90 at Rs 5,724."Export demand is limited as our major competitors such as Turkey and Syria are offering lower prices than us," a broker said.

Average spot price at Unjha market yard was up Rs 25-30 at Rs 5,865 a quintal on Saturday.

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