Wheat futures advance by 0.89% on positive spot cues

Wheat prices strengthened by 0.89 per cent to Rs 2,047 per quintal in futures trading today as speculators widening their positions, taking positive cues from spot market on pick up in demand.

At the National Commodity and Derivatives Exchange, wheat for delivery in September was trading higher by Rs 18, or 0.89 per cent to Rs 2,047 per quintal with an open interest of 2,670 lots.

Analysts said expansion of positions by traders due to improved demand in the physical market amid a pause in arrivals from producing belts, mainly kept wheat prices higher at futures trade.