Wheat futures succumb to profit-booking, down 0.38%

Wheat prices drifted lower by 0.38 per cent to Rs 1,856 per quintal in futures market today as speculators booked profits at prevailing levels amid easing demand against adequate stocks position.
At the National Commodity and Derivatives Exchange, wheat for delivery in December fell by Rs 7, or 0.38 per cent, to Rs 1,856 per quintal, with an open interest of 950 lots.
Likewise, the wheat for delivery in November eased by Rs 5, or 0.27 per cent, to Rs 1,835 per quintal in 9,920 lots.
Analysts said apart from profit-booking by participants at existing levels, easing demand in the spot market against sufficient stocks position, mainly led to decline in wheat prices at futures trade.