Wheat futures continued its slide and traded Rs 15, or 1.18 per cent lower, at Rs 1,260.20 per quintal today, as speculators offloaded their positions, triggered by government's decision to release five million tonne of the grain in the open market.
Mounting stocks followed by increased supplies in the spot market also put pressure on the wheat prices in futures trade.
At the National Commodity and Derivatives Exchange, wheat for delivery in far-month September contract fell by Rs 15, or 1.18 per cent to Rs 1,260.20 per quintal, with an open interest of 5,850 lots.
In similar fashion, delivery in July contract fell by Rs 14.60, or 1.17 per cent, to Rs 1,228 per quintal, with an open interest of 26,190 lots. It ended lower at Rs 1,242.60 per quintal in the previous session.
The wheat for delivery in August contract also edged lower by Rs 14, or 1.11 per cent, to Rs 1,243.40 per quintal, with an open interest of 13,540 lots.
Marketmen said government's decision to release five million tonne of the grain in the open market at Rs 12.54 per kg and subdued demand at the physical market also, kept pressure on the wheat prices at futures market here.
