India Likely To Resume Wheat, Rice Futures Trading

According to the chief of India's Forward Markets Commission (FMC), the commission is planning to resume futures trading in wheat, rice, tur and urad latest by January 2009. Trading was suspended in all four commodities by the Union government since January (for tur and urad) and February (for rice and wheat) 2007 as an anti-inflationary measure.

The FMC Chairman clarified that with the easing of inflationary pressure and a comfortable stock position, the Union Government is in favor of resuming trading in these commodities. “The Union Government is so far agreeable to our proposal. However, we will take their final view before withdrawing the ban,” the FMC Chairman said.