The government has withdrawn the ban on trading in wheat futures following which the Forward Market Commission (FMC) has written to all national-level commodity exchanges to launch new contracts after getting a nod from the commodity market regulator.
Former finance minister P Chidambaram, in his budget speech for 2008-09, had announced the delisting of all wheat and rice contracts.
Following the FMC communique, commodity bourses – MCX and NCDEX – are involved in designing new contracts. Industry analysts opine the move will benefit farmers and the agri sector.