| Date: |
17-07-2010 |
| Subject: |
Wheat Increases On Imposition of Import Tax By Central Government |
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Wheat future prices augmented by more than Rs 5 per quintal in today's trading on the account of possibility of imposition on wheat imports along with export permission of some varieties of non- basmati rice by central government.
As per latest release by government sources, decision on whether to impose a tax on wheat imports and also allows exports of some varieties of non-basmati rice is likely to be taken next week. This was due to comfortable food grain reserve in FCI's warehouses. India's foodgrain stocks are currently at 57.85 million metric tonnes at the end of June were more than double the requirement for state-run welfare programs.
Therefore, some buying was seen in futures market as NCDEX, August Benchmark contract gained almost Rs 5 per quintal, trading at Rs 1248 per quintal in today's trading.
Source : India Infoline
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