India wheat up in futures, spot on talks of import duty hike.

Prices of wheat rose in futures and spot markets on reports that the government may further hike import duty on the grain soon. The Centre is likely to hike the import duty on wheat again, and impose import duty on chana as well. In November, the import duty on wheat was doubled to 20% to support domestic prices. Prices also rose as sowing under the grain declined nearly 2% on year at 24.6 mln ha so far. Acreage under wheat remained lower on year because some farmers shifted to other crops as they did not get a good return for their produce in the last season.