Wheat futures remain weak, shed 0.49% on adequate stocks

Falling for the third straight day, wheat prices declined further by 0.49 per cent to Rs 1,639 per quintal in futures market today as speculators engaged in reducing their positions.
At the National Commodity and Derivatives Exchange, wheat for delivery in April fell by Rs 8, or 0.49 per cent, to Rs 1,639 per quintal with an open interest of 2,540 lots.
Likewise, wheat for delivery in March contracts was trading lower by Rs 7, or 0.41 per cent, to Rs 1,691 per quintal in 4,600 lots.
Analysts said trimming of positions by participants amid sufficient stocks position on increased supplies from producing regions in the physical market mainly kept wheat prices lower at futures trade.