Ample stocks drag down wheat futures by 0.25%

Wheat prices eased by 0.25 per cent to Rs 1,597 per quintal in futures market today as speculators cut down their positions, triggered by adequate stocks position on increased supplies from growing regions at spot markets.
At the National Commodity and Derivatives Exchange, wheat for delivery in June declined by Rs 4, or 0.25 per cent, to Rs 1,597 per quintal, with an open interest of 19,330 lots.
On similar lines, the wheat for delivery in July traded lower by a similar margin to Rs 1,620 per quintal in 8,830 lots.
Analysts said offloading of positions by traders, driven by sufficient stocks positions on increased arrivals from producing belts in the physical market mainly kept wheat prices lower at futures trade.