Wheat prices take a knock on profit-booking

NEW DELHI: Wheat prices were on Friday ruling slightly down both on MCX and NCDEX on the second day of the restart of wheat futures contracts, as traders booked profits on overnight���s rise.

At leading agri-commodity bourse NCDEX, the most-active June contract opened at Rs 1,138.80 per quintal and eventually fell by 0.8% at Rs 1,127 per quintal by afternoon. Similarly at MCX, June contract opened at Rs 1,148 per quintal and thereafter turned weak by 0.8% at Rs 1,136 per quintal at 12:00 pm locally.

Meanwhile, spot prices were also ruling lower in the range of Rs 1,090-1,100 per quintal at Delhi due to higher than expected arrivals. The spot rates have fallen by Rs 50 in the past one week, Hiremath said.
Futures trading MCX and NCDEX commenced on Thursday after a gap of two-and-half year.

Both exchange are offering contracts from June to November. The other national exchange NMCE is likely to start wheat futures next week.