Wheat futures soften 0.18% on ample stocks

Wheat prices drifted lower by 0.18 per cent to Rs 1,645 per quintal in futures trading today as speculators cut down positions, triggered by sufficient stocks at the spot markets.
At the National Commodity and Derivatives Exchange, wheat for delivery in October declined by Rs 3, or 0.18 per cent, to Rs 1,645 per quintal, with an open interest of 6,410 lots.
Likewise, the wheat for delivery in September was trading marginally lower by a Re, or 0.06 per cent, to Rs 1,624 per quintal in 11,970 lots.
Analysts said cutting down of positions by participants amid ample stocks position on increased supplies from producing belts in the physical market against muted demand, mainly influenced wheat prices at futures trade.