Wheat prices drifted lower by 1.21 per cent to Rs 1,630 per quintal in futures trade today as speculators cut down their bets, triggered by adequate stocks at spot market.
In futures trading at the National Commodity and Derivatives Exchange, wheat for delivery in March fell by Rs 20, or 1.21 per cent to Rs 1,630 per quintal with an open interest of 1,700 lots.
On similar lines, the wheat for delivery in April contracts shed Rs 9, or 0.55 per cent to Rs 1,639 per quintal in 3,810 lots.
Analysts said trimming of positions by traders amid sufficient stocks position on increased arrivals from producing regions in the physical market against lower demand from flour mills, mainly led to decline in wheat prices at futures trade.
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