Wheat futures maintain downtrend on low demand

Wheat fell further by 0.47 per cent to Rs 1,678 per quintal in futures trade today as speculators engaged in trimming their positions, taking negative cues from spot market on tepid demand.
At the National Commodity and Derivatives Exchange, wheat for delivery in March declined by Rs 8, or 0.47 per cent to Rs 1,678 per quintal with an open intrest of 2,020 lots.
Likewise, the wheat for delivery in February shed Re 1, or 0.06 per cent to Rs 1,660 per quintal in 4,950 lots.
Market analysts said cutting down of positions by traders owing to slackened demand in the physical market against adequate stocks position on increased arrivals from producing belts kept wheat prices down at futures trade.