February 5, 2010

 

India wheat seen down on open market sale plan

 

 

India wheat futures may trade lower on Friday (Feb 5) on prospects of the government soon releasing wheat under the open market sales scheme, analysts said.

 

On Monday, three government and industry officials said that India may electronically auction wheat under open market sales scheme.

 

India has allocated 6.132 million tonnes of wheat for sale over and above public distribution system quota before March.

 

The wheat March futures contract NWTH0 last ended at Rs1,281 (US$27.46) per 100 kg, down 0.37%.

 

Analysts, however, said market talk of occurrence of wheat rust disease in parts of the growing areas may limit losses.

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