Wheat rises on active buying

Wheat futures traded positive on Saturday due to active buying at the futures platform. The rains and hail storms across the U.P and Punjab regions are hurdling the harvesting activities and the creating concerns about the yields. The arrivals also did not gain momentum which kept the prices slightly positive.
The increase in the prices, volume and open interest indicates that the prices might be bullish for the day. The basis of the wheat prices is decreasing which is expected to continue for the day.
Outlook
Wheat futures are forecasted to continue the positive trend for the day. The harvesting in Punjab and U.P regions is affected by the rains which is creating concerns about the yield levels and quality of the crop.
The arrivals are yet to gain momentum across the spot markets which might support the prices for the day. The FCI procurement is likely to increase by 16% to 26 million ton compared to 22.5 million tons last year.
The export decisions are on hold till May until the FCI procurement is completed across the spot markets.

(Source: http://www.commodityonline.com/futures-trading/technical/Wheat-rises-on-active-buying-22987.html)