Wheat Falls On Record Procurement (16-Jun-2011)
Wheat futures slides on the back of a record procurement via the govt on Thursday. Slower demand in the spot market plus on higher arrivals right from the fresh crop as well the futures.
At NCDEX Wheat for July contract today concluded at Rs.1179 per quintal, reduce by 1.01 % in comparison to the past close. In the previous session the contract traded at a scale of Rs.1177-1195.40 per quintal. Open interest with regard to the contract is 25070 lots currently.
Market analysts unveiled reports of record wheat procurement via the govt, along with an all the time good production of the rabi crop amongst drop in the spot market demand right from flour mills put pressure on the wheat price levels in futures trade. Subsequently, wheat procurement in the nation broke a record having with 26.43 million tonne purchased so far.
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