Wheat strengthens by 0.55% on pick up in demand

NEW DELHI, May 23: Wheat prices advanced by 0.55 per cent to Rs 1,835 per quintal in futures trade today as speculators raised their bets amid uptick in demand in the spot market.
At the National Commodity and Derivatives Exchange, wheat for delivery in June rose by Rs 10, or 0.55 per cent to Rs 1,835 per quintal with an open interest of 7,510 lots.
In a similar fashion, the wheat for delivery in July was up by Rs 8, or 0.43 per cent to Rs 1,855 per quintal in 920 lots.
Analysts said widening of positions by traders following pick up in demand in the physical market amid a pause in arrivals from producing belts kept wheat prices higher at futures trade. (PTI)

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