The study reveals that while integration between the futures and spot prices of wheat is not that strong, the market integration in chana is reasonably better than wheat. Speaking from Bangalore, Naik told The Indian Express: “This could be because of the volumes of the two commodities being traded and the level of participation by different players. While the volume of wheat traded in the futures market is less than 0.5 percent of the production, the volumes in chana traded has been 16 and 28 times (in 2005 and 2006, respectively) the total production in the country.” Understandable, given that the largest stockholder of wheat in the country, the government-owned FCI, doesn’t enter the futures market. “Selective participation of FCI in the futures market would be a welcome step,” said Naik. “It will only deepen the market.”