Wheat prices softened by 0.10 per cent to Rs 1,988 per quintal in futures market today as speculators cut down holdings, triggered by higher supplies in the spot market against muted demand.
At the National Commodity and Derivatives Exchange, wheat for delivery in September declined by Rs 2, or 0.10 per cent to Rs 1,988 per quintal with an open interest of 3,480 lots.
However, the wheat for delivery in August held steady at Rs 1,982 per quintal in 3,670 lots.
Market analysts said off-loading of positions by traders on the back of sufficient stocks position on increased supplies from producing belts in the physical markets against low demand, weighed on wheat prices in futures trade.
Disclaimer: No Business Standard Journalist was involved in creation of this content