Wheat futures weaken by 0.34% on adequate stocks

Wheat prices softened by 0.34 per cent to Rs 1,738 per quintal in futures trading today as speculators trimmed positions, driven by ample stocks position at spot market against low demand from flour mills.
At the National Commodity and Derivatives Exchange, wheat for delivery in far-month October declined by Rs 6, or 0.34 per cent to Rs 1,738 per quintal with an open interest of 13,750 lots.
Similarly, the wheat for delivery in September contracts shed Rs 2, or 0.12 per cent to Rs 1,723 per quintal in 5,130 lots.
Analysts attributed the slide in wheat futures to muted demand from flour mills in the spot market against adequate stocks position.