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Wheat Futures Scale New Two Week Lows
Wheat futures have scaled two week's lows on the account of steady
supplies in local mandies. As per latest data compiled by agriculture
ministry , India's wheat area has been increased to 31.8 million
hectares in 2016-17, against the previous record of 31.5 million
hectares planted in 2013-14.
The government agencies have also planned
to procure 33 million tonnes of wheat this rabi season. This is almost
10% more than the procurement made in last season. The agencies has
raised the targets in the wake of bumper production estimates in the
current year. The NCDEX April futures declined by 1.33% today to close
at Rs 1705 per quintal.
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