NCDEX wheat up 1% as govt may hike import duty.

Futures contracts of wheat on the NCDEX ended nearly 1% higher after Cogencis reported today that the government is likely to hike import duty on the grain to 30-40% from current 20%. The government is likely to hike import duty on the grain this month as procurement is going on at a higher-than-expected pace and stock position is comfortable. Food Corp of India has written to the food ministry to increase import duty on wheat as imports will be feasible at current price.