Jul 1 2009 3:38PM
MUMBAI, July 1 (Reuters) - Indian wheat futures were higher on Wednesday on talks of exports of wheat products, but soaring stocks trimmed gains, analysts said.
According to a news report in Financial Express, India may export 1.3 million tonnes of wheat products, higher than previously reported 0.65 million tonnes.
"The news of more exports lifted the market," said an analyst with a Delhi-based brokerage.
At 3:32 p.m, July futures contract on National Commodity and Derivatives Exchange was at 1,079 rupees per 100 kg, up 0.24 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.
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