| Date: |
23-07-2010 |
| Subject: |
Wheat Gains On Imposition of Import Duties 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 of duties on wheat imports along with steady gains in other feed items.
As per market sources, government's decision to impose a tax on wheat imports is likely to come in the coming 7-10 days. 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 are more than double the requirement for buffer norms.
Moreover, sturdy rise in other feed items such as barley and maize also supported the wheat's rally. The future prices of both these items augmented by almost 5-7% in last one week
Therefore, some buying was seen in futures market as NCDEX, August Benchmark future gained almost Rs 5 per quintal, trading at Rs 1258 per quintal after hitting the intraday high of Rs 1261.50 per quintal in today's trading.
Source : indiainfoline.com
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