Wheat futures weaken by 0.12 pc on higher supply

Wheat prices eased by 0.12 per cent to Rs 1,609 per quintal in the futures trading today as speculators trimmed positions, triggered by ample stocks in the spot markets on increased supplies from growing regions.
Wheat for delivery in May shed Rs 2, or 0.12 per cent to Rs 1,609 per quintal with an open interest of 10,840 lots at the National Commodity and Derivatives Exchange.
Likewise, the wheat for delivery in June contracts traded lower by a similar margin to Rs 1,635 per quintal in 11,480 lots.
Analysts said offloading of positions by traders amid sufficient stocks due to increased arrivals from producing belts in the physical market mainly helped wheat prices to trade lower at futures trade.