Wheat futures down 0.61% on ample stocks

Wheat prices slipped by 0.61 per cent to Rs 1,780 per quintal in futures trade today as speculators trimmed bets, driven by sufficient stocks positions in spot markets.
At the National Commodity and Derivatives Exchange, wheat for delivery in March fell by Rs 11, or 0.61 per cent, to Rs 1,780 per quintal with an open interest of 7,360 lots.
However, wheat for delivery in April contracts held steady at Rs 1,770 per quintal in 380 lots.
Market analysts said offloading of positions by traders on the back of sufficient stocks position on increased arrivals from producing belts in the physical markets against muted demand weighed on wheat prices at futures trade.