Wednesday, 22 February 2017

Wheat Futures Scale New Two Week Lows

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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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