Ample stocks drag down wheat futures by 0.62%

Wheat prices declined by 0.62 per cent to Rs 1,600 per quintal in futures trading today as speculators trimmed positions, triggered by adequate stocks on increased supplies from growing regions at spot markets.
At the National Commodity and Derivatives Exchange, wheat for delivery in May fell by Rs 10, or 0.62 per cent, to Rs 1,600 per quintal, with an open interest of 9,610 lots.
Similarly, the wheat for delivery in June shed Rs 10, or 0.61 per cent, to Rs 1,628 per quintal in 13,800 lots.
Analysts said offloading of positions by traders on the back of sufficient stocks due to increased arrivals from producing belts in the physical market mainly attributed the fall in wheat prices at futures trade.