Range bound trade seen in India Wheat futures on profit booking

Range bound trade seen in India’s Wheat futures this week, after a good rally over the few weeks , mainly on the back of profit booking by the speculators. Strong export demand prevailed in the markets could limit the downtrend of wheat futures.

As per analysts, wheat futures are likely to witness some correction in the coming days as some position holders may go for profit booking after the recent rally.

Indian government has offered around 2.40 lakh tonnes for exports with the price range of $ 265-270 per tonne at ports. Sources suggested that South Korea already purchased around 1.50 lakh tonnes from government.

India has kicked off wheat exports from government stocks with an offer of 240,000 tonnes, which would be the first such sale in at least four years. India has been struggling to manage bulging stockpiles built up during bumper harvests since 2007. [ News Via ]

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