Blog‎ > ‎

Wheat Surges Almost 1% On Strong Export Demand

posted Nov 4, 2011, 12:06 PM by Puneet Goyal
Capital Market / 16:43 , Nov 04, 2011
Wheat futures gained more than Rs. 10 per quintal today due to strong export demand along with sharp rise in minimum support prices of wheat for the current year.

As per official data, India has exported 1.14 lakh tonnes of wheat between Sept. 9 and Oct. 18 with the price range of $275-300 per tonne. This was mainly due to weak rupee against dollar which prompted strong export demand of Indian wheat.

Moreover, Indian cabinet hiked the minimum price for wheat purchase from farmers by about Rs. 165 per quintal to Rs1285 per quintal for the current marketing season 2011-12 in order to promote strong sowing of the wheat crop during the winter season. This has also added some gains in wheat market.

Consequently, the future prices of wheat NCDEX December Benchmark contract increased by Rs. 11 per quintal , to trade at Rs. 1131 per quintal today.