Adequate stocks drag down wheat futures 0.53 pc

Wheat prices moved down by 0.53 per cent to Rs 1,680 per quintal in futures trading today as speculators reduced exposure, triggered by ample stock positions at the spot markets.
At the National Commodity and Derivatives Exchange, wheat for delivery in October fell Rs 9, or 0.53 per cent, to Rs 1,680 per quintal with an open interest of 380 lots.
Likewise, wheat for delivery in September shed Rs 2, or 0.12 per cent, to Rs 1,657 per quintal in 16,200 lots.
Analysts said cutting down of positions by traders, driven by sufficient stock position on increased supplies from producing belts in the physical market against low demand from flour mills, mainly weighed on wheat prices at futures trade.