Wheat futures rise 1.6-2.0%

Mumbai, Oct 30 | Updated: Oct 31 2006, 05:30am hrs
Futures prices of wheat flared up between 1.6%-2% after the government announced an increase in the MSP. Wheat for November delivery traded at Rs 1,113.6 a 100 kg, up Rs 22.6 or 2.07% from the previous Rs 1,091.

Highest traded December contract with volume of 31,830 million tonne valued at Rs 35.7 crores, closed trading at Rs 1,125.8, up 1.7% to the previous close. January contract closed trading at Rs 1,143.2, up 2.0%. Till January, the contracts are in contango, whereafter further contracts stand in backwardation with February and March contracts trading at Rs 1,111 and Rs 1,017.

April contract traded at Rs 933.8. Wheat for immediate delivery traded at Rs 1,103.35 against Rs 1,103.7 on Saturday. Spot wheat has risen Rs 66 or 6.4% in the last 10 trading sessions.