NEW DELHI(Commodity Online) : India's wheat futures are likely to climb Wednesday as demand increases while Indonesia's decision to import more wheat this year might also boost prices, analysts said.
Prices could hit Rs 1260 per 100 kg in India despite a lower close overnight at CBOT, they added. MCX wheat for May delivery was at Rs 1258.9 per 100 kg at close Tuesday.
The country expects a record wheat harvest of 86 million tonnes in 2012.
Global prices for wheat are to advance sharply this month on recent cold snap, potential wheat damage in the Black Sea region, analysts said.
India is likely to bid for the Indonesian order after the government allowed export of 2 million tonnes of wheat, after a gap of four years.
Indonesia required about six million tons of rice this year, according to Aptindo, Indonesia's wheat flour association.
