Mumbai: India’s wheat futures touched fresh lows on Monday on a bumper output view, and may extend losses to the next session though some value-buying may support, analysts said.
The April wheat futures contract on National Commodity and Derivatives Exchange (NCDEX) ended at Rs1,115.6 per 100 kg, down 0.48%. The contract touched lows of Rs1,114 in intraday trade.
Early sowing and a prolonged winter have helped stave off a probable dip in wheat output as the grains matured despite temperatures hovering above the average levels in growing areas, experts said.
Temperatures across major wheat growing states of Uttar Pradesh, Punjab, Haryana and Rajasthan have been above normal by 4-6 degree celcius during most of March, according to India Meteorological Department.
“Now the crop is safe most places it is ready for harvesting,” said an analyst with a Delhi-based brokerage.
Earlier experts and scientists had cautioned that a rise in temperature may reduce output by 2 million tonnes.
India is estimated to produce about 82 million tonnes of wheat in 2009-10.