Wheat futures decline on low demand

Wheat prices fell by 0.47 per cent to Rs 1,681 per quintal in futures trade today as speculators engaged in reducing their positions, driven by adequate stocks position at spot market against tepid demand from flour mills.
At the National Commodity and Derivatives Exchange, wheat for delivery in August declined by Rs 8 or 0.47 per cent to Rs 1,681 per quintal in business turn over of 7870 lots.
On similar lines, wheat for delivery in September shed Rs 6 or 0.35 per cent to Rs 1,710 per quintal in 19,090 lots.
Analysts said offloading of positions by participants amid sufficient stocks in the physical market against muted demand from flour mills kept pressure on wheat prices at futures trade.