Wheat futures down 1.20% on adequate stocks

Wheat prices drifted lower by 1.20 per cent to Rs 1,647 per quintal in futures trade today as participants trimmed their positions, triggered by ample stocks position at the spot market.
At the National Commodity and Derivatives Exchange, wheat for delivery in far-month April fell by Rs 20, or 1.20 per cent, to Rs 1,647 per quintal, with an open interest of 200 lots.
Analysts said offloading of positions by traders amid sufficient stocks position in the physical market against muted demand from flour mills, mainly led to the decline in wheat prices at futures trade.