Wheat futures prices today rose by 0.49% to Rs 1,225 per quintal as speculators created fresh positions after the government approved export of two million tonnes of its exports.
Traders said record procurement of wheat by the government that rose by 36% to 37.85 million tonnes (mt) in the current marketing season so far, buoyed by record production of wheat in the country restricted the gains.
At National Commodity and Derivatives Exchange, wheat for delivery in August traded Rs 6, or 0.49%, higher at Rs 1,225 per quintal, with an open interest of 13,450 lots.
The wheat for delivery in current month also rose by Rs 5, or 0.42%, to Rs 1,198 per quintal, with an open interest of 21,670 lots.
The government yesterday approved export of two million tonnes of wheat from its buffer stock in order to clear storage space for new crops.
The decision was taken by the Cabinet Committee on Economic Affairs (CCEA).
"CCEA has approved export of two million tonnes of wheat from government stock with floor price of USD 228 (about Rs 12,400) per tonne," Food Minister K V Thomas had said yesterday after the meeting.
