Wheat futures tumble 0.65% on higher supply

Wheat prices softened by 0.65 per cent to Rs 1,690 per quintal in the futures market today as speculators shrank their positions, triggered by sufficient stocks on increased supplies from producing regions.
At the National Commodity and Derivatives Exchange, wheat for delivery in November fell Rs 11, or 0.65 per cent, to Rs 1,690 per quintal with an open interest of 3,500 lots.
Likewise, the wheat for delivery in far-month December traded lower by Rs 3, or 0.17 per cent, at Rs 1,744 per quintal with an open interest of 9,690 lots.
Analysts said cutting down of positions by traders amid ample stock position on increased arrivals from producing belts at the physical market against lower demand mainly influenced wheat prices in futures trade.