Wheat futures remain weak, slide 0.71% on ample stocks

Wheat prices drifted further down by 0.71 per cent to Rs 1,674 per quintal in futures trade today as speculators engaged in trimming positions, triggered by sufficient stocks at the spot market on increased supplies from producing regions.
At the National Commodity and Derivatives Exchange, wheat for delivery in January was trading lower by Rs 12, or 0.71 per cent to Rs 1,674 per quintal with an open interest of 4,180 lots.
Similarly, wheat for delivery in December moved down by Rs 11, or 0.67 per cent to Rs 1,637 per quintal in 6,870 lots.
Analysts said offloading of positions by traders following sufficient stock position on increased arrivals from producing belts at the physical market against lower demand from flour mills, mainly kept wheat prices down at futures trade.