Ample stocks drags down wheat futures by 0.73%

Wheat prices declined by 0.73 per cent to Rs 1,639 per quintal in futures trading today as participants trimmed their positions, triggered by adequate stocks at the markets following higher supplies.
At the National Commodity and Derivatives Exchange, wheat for delivery in far-month June fell by Rs 12 or 0.73 per cent to Rs 1,639 per quintal with an open interest of 7,050 lots.
Similarly, the wheat for delivery in May contracts shed Rs 9 or 0.55 per cent to Rs 1,613 per quintal in 8,620 lots.
Analysts attributed the fall in wheat futures to sufficient stocks position in the physical market on increased supplies from producing regions.

Meanwhile, wheat procurement has increased by 10 per cent to 208.11 lakh tonnes so far in the ongoing marketing season, helped by rise in production.