MUMBAI (Commodity Online): Wheat futures fell Friday as traders reduced their positions on the back of higher supply in the physical markets.
At NCDEX wheat October contract trading at Rs.1105.40 per quintal, lower by 1.25 per cent against the previous close.
In the morning session the contract traded at a range at a range of Rs.1102.20-1115 per quintal. Open interest of the contract is 29670 and volume traded is 1750 lots for the time being.
The International Grains Council, an industry group said in a report that global Wheat sowings could increase to nearly 225 million hectares in the 2012-13 marketing season beginning in October, the highest since the 1981-82 season.
The IGC estimates are 1.5% higher, or nearly 4 million hectares more than the wheat sowed in the previous season, as producers around the world increased plantings of the grain to take advantage of higher prices. In Delhi wheat prices dropped -1.9 rupee to end at 1166 rupees per 10 kg.
