Wheat futures remain weak, shed 0.84% on higher supply

Wheat remained weak for the second day as prices fell by another 0.84 per cent to Rs 1,777 per quintal in futures trade today as speculators engaged in reducing holdings, driven by sufficient stocks position on higher supplies from producing belts.
At the National Commodity and Derivatives Exchange, wheat for delivery in March was trading lower by Rs 15, or 0.84 per cent, at Rs 1,777 per quintal with an open interest of 6,860 lots.
Market analysts said cutting down of positions by traders on the back of ample stocks position on increased arrivals from producing belts in the physical markets against lower demand kept wheat futures down.