Wheat futures soften by 0.30% on ample stocks

Wheat prices edged lower by 0.30 per cent to Rs 1,667 per quintal in futures trade today as speculators reduced exposure amid 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 month weakened by Rs 5, or 0.30 per cent to Rs 1,667 per quintal with an open interest of 8,540 lots.
Analysts said offloading of positions by traders on the back of sufficient stock position on increased arrivals from producing belts at the physical market mainly influenced wheat prices at futures trade.