Commodities

Supply pressure drags wheat futures

PTI New Delhi | Updated on June 27, 2011

Fall in demand from flour mills also kept pressure on the wheat futures prices.

Amid adequate stocks following record procurement by the government, wheat fell by 0.34 per cent in futures trade today.

At the National Commodity and Derivatives Exchange, wheat for delivery in September fell by Rs 4.20 or 0.34 per cent to Rs 1,221 per quintal, with an open interest for 3,420 lots.

Similarly, wheat for July delivery also shed 80 paise or 0.07 per cent to Rs 1,168.40 per quintal with a turnover of 32,790 lots.

Analysts said supply pressure in the spot market amid record wheat procurement by the Government on the back of all-time high production of the rabi crop continued to put pressure on wheat prices in futures trade.

In addition, fall in demand from flour mills also kept pressure on the wheat futures prices here.

Published on June 27, 2011

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