Wheat futures extends losses, down 0.41% on ample stocks

Wheat remained weak and prices shed another 0.41 per cent to Rs 1,682 per quintal in futures trade today as speculators engaged in reducing their bets, driven by sufficient stocks positions in spot markets.
At the National Commodity and Derivatives Exchange, wheat for delivery in March month fell by Rs 7, or 0.41 per cent to Rs 1,682 per quintal with an open interest of 1,940 lots.
Likewise, the wheat for delivery in February contracts shed Re 1, or 0.06 per cent to Rs 1,657 per quintal in 4,930 lots.
Market analysts said offloading of positions by traders on the back of adequate stocks position on increased arrivals from producing belts in the physical markets against muted demand kept wheat prices lower at futures trade.