MUMBAI, July 29 (Reuters) - Indian wheat futures may fall on Wednesday on soaring stocks and a blanket ban on exports of the commodity, analysts said.
India will not export any wheat or rice through diplomatic arrangements, Farm Minister Sharad Pawar told parliament on Friday.
India had exempted such exports from its ban on wheat and non-basmati rice exports and allowed sales of limited quantities to specific countries.
The country had earlier on July 13 banned wheat exports for trade purpose, 10 days after it allowed shipments of 900,000 tonnes by state-run firms.
However, the farm minister last week said India may sell a part of its bulging wheat stocks in the local market, which weighed on domestic prices.
Wheat stocks stood at 36 million tonnes as on July 1, more than double the required buffer norm of 17 million tonnes.
The August futures contract NWTQ9 on National Commodity and Derivatives Exchange last ended down 0.39 percent at 1,119.2 rupees per 100 kg.
Source : REUTERS