India wheat futures seen up on export talks
MUMBAI, July 3 (Reuters) - Indian wheat futures may trade higher on Friday on reports of exports of wheat products, but soaring stocks may trim gains, analysts said.
According to media reports, India may export 1.3 million tonnes of wheat products, higher than previously reported 0.65 million tonnes.
The July futures contract NWTN9 on National Commodity and Derivatives Exchange ended at 1,077.8 rupees per 100 kg, down 0.05 percent.
India purchased 24.75 million tonnes of wheat in 2008/09 marketing year beginning April 1, sharply up from 22.26 million tonnes bought the year ago, as per the latest data available.
India is expected to buy a record 25 million tonnes of wheat from farmers in the current season, up 11 percent from a year earlier, government officials said on June 10. See [nDEL435822]
(Reporting by Sourav Mishra; Editing by Prem Udayabhanu)
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