Wheat extends losses, slides 0.18 pc on ample stocks

Wheat remained weak for the third day and prices shed another 0.18 per cent to Rs 1,673 per quintal in futures trade today as speculators engaged in reducing exposure amid sufficient stocks at the spot markets.
At the National Commodity and Derivatives Exchange, wheat for delivery in August declined by Rs 3, or 0.18 per cent, to Rs 1,673 per quintal with an open interest of 18,850 lots.
On similar lines, the wheat for delivery in September traded lower by Rs 2, or 0.12 per cent, to Rs 1,698 per quintal in 3,810 lots.
Analysts said cutting down of positions by traders, triggered by ample stocks position on increased supplies from producing belts in physical market against subdued demand kept wheat prices down at futures trade.