NCDEX Wheat Slippery On Rising Supplies

NCDEX Wheat futures stayed slippery amid weak demand in ready markets and the continued increase in arrivals. The traders are expecting supplies to stay firm and not much of buying is seen in the futures. New arrivals of wheat have started in major producing states have maintained selling in wheat market. Last month, Agriculture Ministry in its second advance estimate, projected wheat output to be lower by 1.42 per cent to 97.11 MT in the current crop year ending June due to four per cent fall in acreage. However, the flow of supplies is expected to be strong at the start of the arrivals season, keeping prices under check. The NCDEX Wheat futures for April closed at Rs 1675 per quintal, down 0.18% on the day.