Wheat futures edge up by 0.29% on tight supply

Wheat prices were up 0.29 per cent to Rs 1,743 per quintal in futures trade today as speculators built up fresh positions, triggered by tight supplies from producing regions at spot market.

At the National Commodity and Derivatives Exchange, wheat for delivery in October edged higher by Rs 5, or 0.29 per cent to Rs 1,743 per quintal with an open interest of 14,690 lots.

Analysts said speculative positions created by traders, driven by tight stocks position fall in arrivals in the physical market against uptick in demand from flour mills helped wheat prices to trade higher at futures trade.