Wheat prices moved down by 2.32 per cent to Rs 1,770 per quintal in futures trade today as speculators cut down their holdings, triggered by adequate stocks in the spot market on increased supplies.
At the National Commodity and Derivatives Exchange, wheat for delivery in August fell by Rs 42, or 2.32 per cent, to Rs 1,770 per quintal with an open interest of 200 lots.
Similarly, the wheat for delivery in July contracts shed Rs 3, or 0.17 per cent, to Rs 1,785 per quintal in 9,250 lots.
Market analysts said offloading of positions by traders, driven by sufficient stock position on increased arrivals from producing belts in the physical markets against low demand, weighed on wheat prices at futures trade.
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