Ample stocks drag down wheat futures by 0.24%

Wheat prices weakened by 0.24 per cent to Rs 1,633 per quintal in futures market today as speculators trimmed positions, triggered by adequate stocks positions at spot markets.
At the National Commodity and Derivatives Exchange, wheat for delivery in August month declined by Rs 4, or 0.24 per cent to Rs 1,633 per quintal with an open interest of 2,600 lots.
Similarly, the wheat for delivery in July contracts shed Rs 2, or 0.12 per cent to Rs 1,613 per quintal in 24,070 lots.
Analysts said offloading of positions by traders amid ample stocks position on increased supplies from producing belts in the physical market mainly led to decline in wheat prices at futures trade.