Wheat futures marginally up

New Delhi, Feb 24 (PTI) Wheat strengthened by 0.35 per cent in futures trading today, mostly on hopes that the government may allow export of the commodity but higher supplies in spot market restricted the gains.

At the National Commodity and Derivatives Exchange, wheat for March contract gained Rs 4.60, or 0.35 per cent, to Rs 1,311.60 per quintal, with an open interest of 8,760 lots.

Similarly, the wheat for delivery in April also edged higher by Rs 3.80, or 0.32 per cent, to Rs 1,210 per quintal, with an open interest of 11,990 lots.

Analysts said sentiments turned better after Agriculture Minister Sharad Pawar said the government should give a serious thought to allowing export of wheat, considering the bumper crop, comfortable stocks and high global prices.

They said, however, adequate stocks in the market, restricted gains.

(Source: http://in.news.yahoo.com/wheat-futures-marginally-20110223-234800-015.html)