India wheat seen steady on demand, output view | mumbai | Hindustan Times
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India wheat seen steady on demand, output view

India wheat future may trade steady on Monday as support from firm local demand is likely to offset hopes of higher output on rising acreage, analysts said.

mumbai Updated: Dec 14, 2009 12:17 IST

India wheat future may trade steady on Monday as support from firm local demand is likely to offset hopes of higher output on rising acreage, analysts said.

The December wheat contract (NWTZ9) last closed 0.2 percent higher at 1,429.6 rupees per 100 kg. India's acreage for the winter-sown crop rose to 21.73 million hectares since Oct. 1 to Dec. 10, from 21.60 million hectares in the year-ago period.

India's wheat output is likely to be higher than last year's record 80.6 million tonnes, Farm Minister Sharad Pawar said, ruling out large imports by the world's second-biggest consumer and producer of the commodity.