Wheat futures slide 0.71 pc on higher supply

Wheat prices moved down by 0.71 per cent to Rs 1,667 per quintal in the futures trade today as speculators trimmed positions, triggered by ample stocks position on increased supplies from producing regions.
At the National Commodity and Derivatives Exchange, wheat for delivery in November fell by Rs 12, or 0.71 per cent, to Rs 1,667 per quintal with an open interest of 1,240 lots.
Similarly, wheat for delivery in December traded lower by Rs 5, or 0.29 per cent, to Rs 1,710 per quintal in 11,460 lots.
Analysts said offloading of positions by traders amid sufficient stock position on increased arrivals from producing belts at the physical market against tepid demand mainly led to the decline in wheat prices at futures trade.