Wheat futures slide 1.07% on adequate stocks

Wheat prices drifted lower by 1.07 per cent to Rs 1,662 per quintal in futures market today as speculators reduced exposure, triggered by sufficient stocks at the spot markets.
At the National Commodity and Derivatives Exchange, wheat for delivery in October declined by Rs 18, or 1.07 per cent to Rs 1,662 per quintal with an open interest of 3,510 lots.
Similarly, the wheat for delivery in November traded lower by Rs 13, or 0.76 per cent to Rs 1,694 per quintal in 9,820 lots.
Analysts said offloading of positions by participants amid ample stocks position in the physical market against low demand, mainly attributed the fall in wheat prices at futures trade.