Wheat futures extend losses, shed 0.42 pc on higher supply

Falling for the second day, wheat prices eased further by 0.42 per cent to Rs 1,672 per quintal in futures market today as speculators engaged in trimming their positions, triggered by adequate stocks position at spot market on increased supplies.
At the National Commodity and Derivatives Exchange, wheat for delivery in March declined by Rs 7, or 0.42 per cent, to Rs 1,672 per quintal with an open interest of 4,020 lots.
On similar lines, wheat for delivery in April traded marginally down by Re 1, or 0.06 per cent, to Rs 1,630 per quintal in 2,920 lots.
Analysts said, offloading of positions by participants on the back of sufficient stocks position on increased supplies from producing regions in the physical market against lower demand from flour mills, mainly kept wheat prices down at futures trade.