Wheat futures down 0.59% on ample stocks

Wheat prices moved down 0.59 per cent to Rs 1,684 per quintal in futures trading today as speculators trimmed their positions, triggered by adequate stock positions at spot markets.
At the National Commodity and Derivatives Exchange, wheat for delivery in March fell by Rs 10, or 0.59 per cent to Rs 1,684 per quintal with an open interest of 2,270 lots.
Likewise, the wheat for delivery in February contracts eased by Rs 8, or 0.48 per cent to Rs 1,655 per quintal in 4,690 lots.
Market analysts said cutting down of positions by traders on the back of adequate stocks position on increased arrivals from producing belts in the physical markets against low demand, mainly influenced wheat prices at futures trade.