NCDEX Wheat trades mixed

24 Sep 2010 , 09:28 AM

Wheat futures traded mixed on the NCDEX counter on Thursday as October contract moved up while November futures traded down with modest up down sentiments. NCDEX October contract edged up Rs 1.20 at Rs 1 231 per quintal and moved between Rs 1 232 1 232 a quintal. Trading volume of the contract recorded at 140. Forward November contract inched down Rs 1.40 at Rs 1 250.20 a quintal. The contract traded in the range of Rs 1 250.20 1 250.20 a quintal with volume so far recorded 10 tons. Wheat futures closed in a mix tone posting nominal up down movement on the National Commodity and Derivatives Exchange (NCDEX) platform Wednesday.

NCDEX October contract closed at Rs 1 228.80 per quintal down Rs 0.60 and fluctuated between Rs 1 233 1 228.80 a quintal. Trading volume of the contract recorded at 2 050. On the CBOT December wheat moved higher overnight and then generally moved lower during the day session and into early afternoon taking out yesterday s low in the process. However prices remained near the mid point of the trading range of the past 5 6 weeks throughout the day. Traders said that a lower dollar and higher gold provided some support to futures early today with weakness in corn and prospects for higher acreage in soft red winter wheat helping to weigh on the market as planting season gets underway. Improved moisture levels in hard red winter wheat areas of the central Plains were also considered a somewhat negative factor. Egypt was a buyer of 220 000 tonnes of wheat today all of it from the US. Egypt had been tendering for hard wheat from the US Australia or Canada and the fact that the entire sale went to the US was viewed as very favorable by the market.

Commodity Online sourced by HT Media Ltd