Wheat futures fall 0.58% on adequate stocks

Wheat prices declined by 0.58 per cent to Rs 1,552 per quintal in futures trading today as traders trimmed positions, triggered by ample stocks at spot market.
Besides, expectations of higher output weighed on wheat futures.
Meanwhile, wheat output in India, the world's second biggest grower, is expected to rise by 8.42 per cent to 93.82 million tonnes in the 2015-16 crop year despite facing drought and warmer winter.
At the National Commodity and Derivatives Exchange, wheat for delivery in April fell by Rs 9, or 0.58 per cent to Rs 1,552 per quintal with an open interest of 2160 lots.

Also, the wheat for delivery in March contracts shed Rs 4, or 0.25 per cent to Rs 1,568 per quintal in 460 lots.
Analysts said offloading of positions by participants, triggered by ample stocks at spot market mainly kept pressure on wheat prices at futures trade.