Wheat futures prices surged by over 3% on NCDEX as traders created fresh positions on reports that state-run firm PEC received bids for exports of 60,000 tonnes of grain from the government warehouses. Further, concerns of low crop output due to dry weather in the major producing regions, helped wheat prices in futures market.
The contract for August delivery was trading at Rs 1,473.00, up by 3.73% or Rs 53.00 from its previous closing of Rs 1,420.00. The open interest of the contract stood at 1860 lots.
The contract for September delivery was trading at Rs 1,440.00, up by 3.37% or Rs 47.00 from its previous closing of Rs 1,393.00. The open interest of the contract stood at 26550 lots on NCDEX.