Wheat prices surged by 3% in futures trade today on enlarging of positions by speculators, following the lifting of ban on its exports by the government.
At the National Commodity and Derivative Exchange, December wheat spurted by Rs 36, or three%, to Rs 1,238 per quintal, with an open interest of 1,590 lots.
The November contract rose by Rs 31.60, or 2.66%, to Rs 1,219.20 per quintal, with an open interest of 7,420 lots.
Likewise, its prices for delivery in September rose by Rs 30, or 2.62%, to Rs 1,173.60.
October wheat gained Rs 29.40, or 2.52%, to Rs 1,196 per quintal, with an business volume of 12,880 lots.
Market experts said wheat prices spurted in futures trading on buying by speculator, driven by fears of paucity of stocks in the coming days after the over four-year-old ban on wheat exports was lifted.
The decision to open wheat exports was taken by the empowered Group of Ministers on food, headed by Finance Minister Pranab Mukherjee in the wake of record production and storage problem.
Wheat export was banned in early 2007 to augment buffer stock when the output had fallen.
