Wheat futures slide 0.23% on ample stocks

Wheat prices declined by 0.23 per cent to Rs 1,730 per quintal in futures market today as speculators reduced exposure, triggered by ample stocks position at the spot markets.
At the National Commodity and Derivatives Exchange, wheat for delivery in November fell by Rs 4, or 0.23 per cent to Rs 1,730 per quintal with an open interest of 8,450 lots.
Similarly, the wheat for delivery in December weakened by Rs 3, or 0.17 per cent to Rs 1,747 per quintal in 4,170 lots.
Analysts said offloading of positions by participants amid sufficient stocks position on increased supplies from producing belts in the physical market against lower demand, mainly influenced wheat prices at futures trade.