Hot Commodities: Wheat Down 1% On NCDEX In Thin Trading

NCDEX Wheat futures fell sharply today after a spell of intense volatility in last session as the approaching expiry of the contract lead to an overall choppy trade amid very thin volumes. The NCDEX October futures, which expire on 16th of this month, hit a contract high of Rs 2074 per quintal in last session before pulling back and ended at Rs 2055 per quintal. The NCDEX futures are currently trading down 1% at Rs 2034 per quintal though the volumes are very low. Wheat has been mostly trading sideways after the government increased the MSP for the commodity by 6% to 1,840 a quintal for the 2018-19 season. While this may led to strong sowing of the commodity, the demand is the spot market is expected to be firm in near term ahead of the festive season.