Wheat prices inched up by 0.45 per cent to Rs 1,577 per quintal in futures trading today as traders widened their positions supported by pick-up in demand in the spot market.
Expectations of a fall in output following damage to its crop due to unseasonal rains and hailstorm in growing regions fuelled the uptrend.
At the National Commodity and Derivatives Exchange, wheat for delivery in far-month May edged up by Rs 7, or 0.45 per cent to Rs 1,577 per quintal with an open interest of 1,190 lots.
Likewise, wheat for delivery in April traded higher by Rs 3, or 0.19 per cent to Rs 1,568 per quintal in 2,870 lots.
Analysts said speculative positions built up by participants after pick-up in demand in the spot market amid reports of crop damage caused by unseasonal rains accompanied by hailstorm in growing regions, led to the rise in its prices at futures trade.
