Ample stocks drag down wheat futures by 1.03%

Wheat prices moved down by 1.03 per cent to Rs 1,640 per quintal in futures market today as speculators trimmed their positions, triggered by ample stocks position on increased supplies from growing regions at spot markets.
At the National Commodity and Derivatives Exchange, wheat for delivery in May fell by Rs 17, or 1.03 per cent, to Rs 1,640 per quintal, with an open interest of 11,230 lots.
However, wheat for delivery in April held steady at Rs 1,625 per quintal in 450 lots.
Analysts said trimming of positions by traders amid sufficient stocks position due to increased arrivals from producing regions in the physical market, mainly led to the fall in wheat prices at futures trade.