MUMBAI (Commodity Online): Wheat futures gained Monday as traders created fresh positions on the back of firm demand in the domestic markets.
In NCDEX wheat March contract is trading at Rs.1245 per quintal, up by 1.54 per cent on 15:35 IST against the previous close.
In the morning session the contract traded at a range of Rs.1226-1248 per quintal. Open interest of the contract is 3410 lots and volume traded is 770 lots for the time being.
According to II advanced estimates for 2011-12, India is likely to produce 250.42 million tonnes of foodgrains during 2011-12 compared to 232.07 million tonnes last year. This is 18.35 million tonnes higher than 2010-11.
International grain council has revised world Wheat production estimate up by 6.6 million tonnes to a record 689.8 million tonnes. Better crop prospects in Argentina and Australia amid better crop conditions in Asian countries encouraged IGC to revise previous estimate up.Product in China and Kazakistan is likely to improve from previous level.
