|
Indian wheat slightly lower on bumper crop
|
|
MUMBAI: India's wheat futures ended slightly lower on Wednesday on bumper output and domestic stock release plan, but positive sentiment from hopes that the government may allow exports of the food grain limited losses, analysts said.
The futures may trade in a narrow range in the next session, analysts said.
September wheat on the National Commodity and Derivatives Exchange (NCDEX) ended down 0.36 per cent at 1,218.2 rupees per 100 kg. India's latest farm department estimate showed the country's wheat harvest would hit a record 80.71 million tonnes this year.
"India will have to get rid of the excess stock anyways...through domestic sale and exports," said an analyst with Agriwatch.
Traders expect India to allow export of large amount of the grain later in the year after assessing the output and prices.
India, which curbed grain exports in recent years to head off domestic price rises, made some concessions to export to neighbouring Bangladesh recently after some global suppliers cancelled deals to ship Black Sea wheat since Russia curbed grain exports.
The Indian government will free 2.5 million tonnes of grains from its stocks for sale to states, Farm Minister Sharad Pawar said last week. -Reuters
|
|