Wheat futures extend losses, down 0.90% on ample stocks

Wheat prices drifted further lower by 0.90 per cent to Rs 1,755 per quintal in futures trade today as participants engaged in trimming their positions, triggered by adequate stocks position at the spot market.
At the National Commodity and Derivatives Exchange, wheat for delivery in February declined by Rs 16, or 0.90 per cent, to Rs 1,755 per quintal, with an open interest of 4,150 lots.
Analysts said reducing of positions by traders, driven by sufficient stocks position in the physical market against weak demand from flour mills, mainly kept wheat prices lower at futures trade.