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To: micdundee2 who wrote (33374)	2/28/2007 12:35:43 AM
From: Bucky Katt	Respond to of 48461

Say what?> India Bans Futures Trade in Wheat, Rice on Inflation Feb. 28 (Bloomberg) -- India, the world's second largest producer of wheat and rice, banned futures trading in the two commodities to curb the fastest inflation in two years. Trading will stop once existing contracts expire on the nation's three exchanges including the National Commodities & Derivatives Exchange Ltd., 7 percent owned by Goldman Sachs Group Inc. ``Exchanges have been told not to launch new contracts in rice and wheat,'' said Anupam Mishra, director at the Forward markets Commission, the commodities market regulator, by phone in Mumbai today. ``Trading can continue in existing contracts.'' The ruling Congress party-led coalition faces an opposition that's attacking Prime Minister Manmohan Singh's government for spiraling prices of farm products. The Communists parties, which support the federal government, have said futures trading in staples have contributed to the rising inflation. ``Mounting political pressure to combat inflation seems to have promoted the government to take this drastic step,'' said Kishore Narne, head of research at Anand Rathi Commodities Ltd., a brokerage in Mumbai. ``Trading volumes in other agriculture commodities will also dry up.'' Wheat for immediately delivery has risen 26 percent in the past 10 months on the National Commodities Exchange. The bourse accounts for 95 percent of all wheat futures traded in India.