Wheat futures remain up on firm demand

Continuing its gaining streak for the third straight day, wheat prices rose further by 0.91 per cent to Rs 1,655 per quintal in futures trade today as speculators engaged in widening their positions, tracking a firm trend at spot market on pick up in demand.
At the National Commodity and Derivatives Exchange, wheat for delivery in far-month August month rose by Rs 15, or 0.91 per cent to Rs 1,655 per quintal with an open interest of 910 lots.
On similar lines, the wheat for delivery in July contracts gained Rs 9, or 0.56 per cent to Rs 1,630 per quintal in 24,750 lots.

Analysts said expanding of positions by speculators, taking positive cues from spot market on strong demand from flour mills in the physical market, mainly kept wheat prices higher.