Wheat futures fall 0.65% on ample stocks

Wheat prices moved down by 0.65 per cent to Rs 1,673 per quintal in futures market today as speculators trimmed their positions, triggered by adequate stocks position at spot market on increased supplies.
At the National Commodity and Derivatives Exchange, wheat for delivery in May declined by Rs 11, or 0.65 per cent, to Rs 1,673 per quintal, with an open interest of 4,300 lots.
Likewise, the wheat for delivery in April was trading lower by Rs 10, or 0.60 per cent, to Rs 1,658 per quintal in 6,860 lots.
Analysts said offloading of positions by participants amid sufficient stocks position on increased supplies from producing regions in the physical market against weak demand from flour mills, mainly led to the decline in wheat prices at futures trade.

Meanwhile, the government imposed 10 per cent import duty on wheat with immediate effect in a bid to protect farmers' interest, amid projection of a record crop this year.