NCDEX Wheat July-2011 delivery contract opened at Rs. 1172.6 per quintal today, a decline of Rs. 0.6 per quintal against previous close price.<br><br> At present NCDEX Wheat July 2011 contract is trading firm at Rs. 1179 per quintal, higher by Rs. 5.8 per quintal against previous close.<br><br>The contract has so far traded in the range of Rs. 1171.2-1175.4 per quintal. <br><br>Falling open interest and rising prices is indicating that the short sellers are covering their positions and the upmove will not be sustained unless new buyers enter the market. Volume has declined to 360, lower by 1530 against previous trading day. <br><br><b>NCDEX Wheat July-2011 Futures (10:20 AM IST)</b><br><table border=1 width=630<tr><tr bgcolor=darkgreen><th width=90><font color=white size=2>Last Traded</font></th><th width=90><font color=white size=2>Open</font></th><th width=90><font color=white size=2>High</font></th><th width=90><font color=white size=2>Low</font></th><th width=90><font color=white size=2>Previous Close</font></th><th width=90><font color=white size=2>Volume</font></th><th width=90><font color=white size=2>Open Interest</font></th></tr><tr><td align=center>1179</td><td align=center>1172.6</td><td align=center>1175.4</td><td align=center>1171.2</td><td align=center>1173.2</td><td align=center>360</td><td align=center>31790</td></tr></table><br><br><b><u>Price Drivers:</u></b><b><br><br>Bullish Factor :</b><br><br>1) Demand from feed meal industries <br> 2) Demands from private trade<br><br><b>Bearish Factor :</b><br><br>1) Govt allows additional 5million T grains  for the poor<br>2) Higher procurement<br><br>											<br>											<br>											<br>