Wheat futures slide 0.29% on ample stocks

Wheat prices softened by 0.29 per cent to Rs 1,728 per quintal in futures trade today as speculators reduced exposure, triggered by ample stocks position at the spot markets against low demand.
At the National Commodity and Derivatives Exchange, wheat for delivery in November fell by Rs 5, or 0.29 per cent to Rs 1,728 per quintal with an open interest of 6,590 lots.
Similarly, the wheat for delivery in December contracts shed Re 1, or 0.06 per cent to Rs 1,754 per quintal in 5,130 lots.
Analysts said offloading of positions by participants amid sufficient stocks position on increased supplies from producing belts in the physical market against easing demand, mainly influenced wheat prices at futures trade.