Wheat prices shot up by 2.84 per cent to Rs 1,772 per quintal in futures trading today as speculators built up fresh positions.
At the National Commodity and Derivatives Exchange, wheat for delivery in July month jumped up by Rs 49, or 2.84 per cent to Rs 1,772 per quintal with an open interest of 31,480 lots.
Likewise, the wheat for delivery in far-month July contracts traded higher by Rs 46, or 2.70 per cent to Rs 1,749 per quintal in 1,710 lots.
Analysts said speculative positions created by traders, mainly pushed up wheat prices at futures trade.
Meanwhile, government today decided to further extend 25 per cent import duty on wheat to curb inward shipments as domestic output is estimated to have gone up by nine per cent despite drought.
