Wheat futures extend slide, down 0.79 pc on ample stocks

Continuing its losing streak for fourth day, wheat prices drifted further by 0.79 per cent to Rs 2,009 per quintal in futures trade today as traders engaged in trimming their positions, triggered by ample stocks position following increased supplies at spot market.
At the National Commodity and Derivatives Exchange, wheat for delivery in December declined by Rs 16, or 0.79 per cent, to Rs 2,009 per quintal with an open interest of 9,560 lots.
In likewise manner, wheat for delivery in January was trading lower by Rs 13, or 0.63 per cent to Rs 2,048 per quintal in 2,950 lots.

Analysts said, offloading of positions by participants, triggered by adequate stocks position on increased supplies in the physical market against subdued demand, kept wheat prices lower at futures trade.