Wheat futures remain weak on higher supply

Wheat prices eased further by 0.34 per cent to Rs 1,747 per quintal in futures market today as participants engaged in reducing their positions, triggered by ample stocks at spot market on higher supplies from producing regions.
At the National Commodity and Derivatives Exchange, wheat for delivery in August month declined by Rs 6, or 0.34 per cent to Rs 1,747 per quintal with an open interest of 24,930 lots.
Likewise, the wheat for delivery in July month contracts shed Rs 5, or 0.29 per cent to Rs 1,718 per quintal in 13,220 lots.
Analysts said offloading of positions by traders owing to sufficient stocks on increased supplies from growing regions in the physical market against lower demand from flour mills kept pressure on wheat prices.