Wheat softens by 0.58 in futures trade on ample stocks

Wheat prices traded lower by 0.58 per cent to Rs 1,713 per quintal in futures trade today as participants trimming their positions, triggered by adequate stocks position at the spot market against lower demand.
At the National Commodity and Derivatives Exchange, wheat for delivery in March declined by Rs 10, or 0.58 per cent to Rs 1,713 per quintal with an open interest of 3,110 lots.
Analysts said offloading of positions by participants amid sufficient stocks position in the physical market against subdued demand from flour mills, mainly led to decline in wheat prices at futures trade.