Wheat futures slide 0.62% on ample stocks

Wheat prices fell by 0.62 per cent to Rs 1,761 per quintal in futures market today as speculators trimmed their positions, triggered by adequate stocks position on increased supplies from producing regions at the spot market.
At the National Commodity and Derivatives Exchange, wheat for delivery in December declined by Rs 11, or 0.62 per cent to Rs 1,761 per quintal with an open interest of 8,350 lots.
Likewise, the wheat for delivery in November shed Rs 7, or 0.40 per cent to Rs 1730 per quintal in 4,450 lots.
Analysts said cutting down of positions by participants amid sufficient stocks position on increased arrivals from producing belts at physical market against easing demand weighed on wheat prices at futures trade.