NCDEX Wheat Stays Lax, Ready Market See Thin Demand

NCDEX Wheat futures extended a weak undertone amid lax 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% 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 are currently trading at Rs 1670 per quintal, down 0.30% on the day. Prices had dropped near contract low of Rs 1662 per quintal in last week.