Indian wheat futures may drop on Tuesday as India scrapped a previous order, allowing export of some wheat products and grains, analysts said.
India has again banned wheat exports, 10 days after it allowed shipments of 900,000 tonnes by state firms, the commerce ministry said on Monday. See [ID:nDEB000747]
The July futures contract NWTN9 on National Commodity and Derivatives Exchange last ended at 1,141.2 rupees per 100 kg, up 1.24 percent.
Earlier this month, India had allowed the export of 900,000 tonnes of wheat by state-run firms and 650,000 tonnes of wheat products by private trade after it procured a record amount following a bumper harvest. ID:nDEL53288]
Wheat stocks stood at 36 million tonnes as on July 1, more than double the required buffer norm of 17 million tonnes.
Source : Reuters India