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NCDEX Wheat futures remained locked in a steady trade after a recent recovery from lows near Rs 1700 per quintal for the benchmark March 2017 futures. Global cues were firm as Chicago Wheat futures extended their rally to a seven-and-a-half month high of $4.50 a bushel amid excellent fund buying.
The domestic price action has been muted over last few weeks as the traders stared at a record harvest. As per preliminary reports received from the States, the total area sown under Rabi crops as on 3rd February 2017 stands at 645.12 lakh hectares as compared to 610.44 lakh hectare this time in 2016. Wheat has been sown in 317.81 lakh hectares, up nearly 6% on year.
The NCDEX Wheat futures for March dropped from a high near Rs 1900 per quintal in mid November 2016 to around Rs 1700 per quintal in first week of February 2017. The counter currently trades at Rs 1722 per quintal, almost unchanged on the day.