Adequate stocks keep wheat futures lower

Extending its slide for the fifth straight day, wheat prices eased further by 0.36 per cent to Rs 1,920 per quintal in futures trade today as traders engaged in reducing their positions amid ample stocks position at the spot market.
At the National Commodity and Derivatives Exchange, wheat for delivery in January month declined by Rs 7, or 0.36 per cent, to Rs 1,920 per quintal with an open interest of 3,470 lots.
Analysts said trimming of positions by participants, driven by ample stocks position in the physical market against lower demand from flour mills, mainly kept wheat prices down at futures trade.