Wheat futures slide 0.37% on supply glut

Wheat prices traded lower by 0.37 per cent to Rs 1,614 per quintal in futures trading today as speculators cut down bets, triggered by ample stock positions against lower demand.
At National Commodity and Derivatives Exchange, wheat for delivery in October declined by Rs 6, or 0.37 per cent, to Rs 1,614 per quintal with an open interest of 9,740 lots.
Wheat for delivery in November contracts shed Rs 4, or 0.24 per cent, to Rs 1,638 per quintal in 4,900 lots.
Offloading of positions by traders following sluggish demand in the physical market and sufficient stock position because of increased supplies from producing regions weighed, analysts said.