Wheat futures weaken by 0.12% on adequate stocks

Wheat prices weakened by 0.12 per cent to Rs 1,668 per quintal in futures market today as speculators trimmed their positions, triggered by ample stocks positions at spot markets.
At the National Commodity and Derivatives Exchange, wheat for delivery in August declined by Rs 2, or 0.12 per cent to Rs 1,668 per quintal with an open interest of 23,190 lots.
Likewise, the wheat for delivery in July contracts shed Re 1, or 0.06 per cent to Rs 1,650 per quintal in 2020 lots.
Analysts said offloading of positions by traders amid sufficient stocks position on increased supplies from producing belts in the physical market mainly weighed on wheat prices at futures trade.