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Wheat succumbs to profit-booking

Press Trust of India/New Delhi 24 Jul 12 | 06:26 PM

Wheat prices fell by 0.89% to Rs 1,441 per quintal today as speculators preferred to book profits after scoring hefty gains recently.

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

Wheat for delivery in August lost Rs 10, or 0.71%, 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.

Grain prices have gone up by over 20% during the month so far even as wheat procurement has crossed 38 million tonnes in the current marketing year.

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