Wheat futures drop 1.62% on higher supplies

Wheat prices slipped by 1.62 per cent to Rs 1,700 per quintal in futures trade today as speculators reduced holdings, triggered by sufficient stocks position on higher supplies in the spot market.
At the National Commodity and Derivatives Exchange, wheat for delivery in March moved down by Rs 28, or 1.62 per cent, to Rs 1,700 per quintal with an open interest of 4,300 lots.
Similarly, the wheat for delivery in April contracts shed Rs 6, or 0.34 per cent, to Rs 1,775 per quintal in 910 lots.