Wheat prices eased by 0.51 per cent to Rs 1,970 per quintal in futures trade today as speculators cut down holdings amid adequate stocks in the spot market.
At the National Commodity and Derivatives Exchange, wheat for delivery in August month contract drifted lower by Rs 10, or 0.51 per cent to Rs 1,970 per quintal with an open interest of 3,360 lots.
Market analysts said offloading of positions by traders driven by sufficient stocks position on increased arrivals from producing belts in the physical markets against low demand weighed on wheat prices in futures trade.