Wheat prices drifted lower by 0.20 per cent to Rs 1,994 per quintal in futures market today as speculators cut down holdings, triggered by adequate stocks position in the spot market.
At the National Commodity and Derivatives Exchange, wheat for delivery in September declined by Rs 4, or 0.20 per cent to Rs 1,994 per quintal with an open interest of 2780 lots.
Likewise, the wheat for delivery in August shed Re 1, or 0.05 per cent to Rs 1979 per quintal in 5470 lots.
Market analysts said off-loading of positions by traders on the back of sufficient stocks position on increased arrivals from producing belts in the physical markets against muted demand, weighed on wheat prices in futures trade.