Wheat succumbs to profit-booking in futures trade

NEW DELHI: Wheat prices fell by 0.89 per cent to Rs 1,441 per quintal today as speculators preferred to book profits after scoring hefty recent gains.

At the National Commodity and Derivatives Exchange, wheat for delivery in the September contract moved down by Rs 13, or 0.89 per cent, to Rs 1,441 per quintal, with an open interest of 16,710 lots.

Similarly, wheat for delivery in August also lost Rs 10, or 0.71 per cent, to Rs 1,393 per quintal, with an open interest of 23,180 lots.

"Wheat may see correction in its prices in coming weeks as the grain prices have risen at rapid pace during this month so far", said an analyst.

Meanwhile, the grain prices have gone up by over 20 per cent during the month so far even as wheat procurement has crossed 38 million tonnes in the current marketing year.

Analysts said profit-booking by speculators following the recent strong rally, led to a fall in wheat futures prices here.