Wheat futures remain weak, shed 0.18 pc on higher supply

Wheat prices fell further by 0.18 per cent to Rs 1,637 per quintal in futures market today as speculators engaged in reducing positions, triggered by ample stock positions at the spot markets.
At the National Commodity and Derivatives Exchange, wheat for delivery in October declined by Rs 3, or 0.18 per cent, to Rs 1,637 per quintal with an open interest of 13,950 lots.
However, wheat for delivery in September held steady at Rs 1,620 per quintal in 30 lots.
Analysts said offloading of positions by traders on the back of adequate stocks position on higher supplies from producing belts in the physical market against tepid demand, mainly kept wheat prices lower at futures trade.