Wheat Futures Down On Steady Sowing Progress In Major Producing Areas (02-Dec-2011)
Wheat futures plunged by almost Rs. 7 per quintal today due to steady sowing progress in major producing states along with waning export demand.
As per market sources , wheat sowing acreage has gained momentum in major producing areas such as Uttar Pradesh and Madhya Pradesh after the delay of more than two or three weeks. Agriculture Board suggested that almost 43% of the total targeted area. Moreover, sluggish export demand of wheat due to higher prices of wheat in domestic market also discouraged the exporters demand at current year.
Consequently, the NCDEX wheat futures pared by almost Rs. 7 per quintal in today's trading to trade at Rs. 1165 per quintal.
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