Wheat futures remain weak, shed 1.03% on ample stocks

Wheat prices fell further by 1.03 per cent to Rs 1,930 per quintal in futures trade today as traders engaged in reducing their exposure, triggered by adequate stocks position at spot market against low demand.
At the National Commodity and Derivatives Exchange, wheat for delivery in February month declined by Rs 20, or 1.03 per cent to Rs 1,930 per quintal with an open interest of 750 lots.
Likewise, the wheat for delivery in January contracts traded lower by Rs 3, or 0.15 per cent to Rs 1,983 per quintal in 3,610 lots.
Analysts said trimming of positions by participants amid sufficient stocks position in the physical market against muted demand from flour mills, mainly kept wheat prices down at futures trade.