Wheat futures down 1.20%

Wheat prices fell further by 1.20 per cent to Rs 2,059 per quintal in futures trade today as participants cut down their exposure, triggered by ample stocks position at spot market.
At the National Commodity and Derivatives Exchange, wheat for delivery in far-month January declined by Rs 25, or 1.20 per cent to Rs 2,059 per quintal with an open interest of 2,590 lots.
Likewise, the wheat for delivery in December contracts shed Rs 3, or 0.15 per cent to Rs 2,031 per quintal in 10,960 lots.
Analysts said trimming of positions by traders on the back of adequate stocks position on improved supplies in the physical market after government's measures to check rising prices, kept pressure on wheat prices at futures trade.

Meanwhile, the government has doubled the quantity of wheat to 14,000 tonnes to be sold in open market through auction in the national capital on November 24 in order to check prices.