Wheat futures down 0.56% on ample stocks

Wheat prices moved down by 0.56 per cent to Rs 1,760 per quintal in futures trade today as speculators reduced their holdings, triggered by sufficient stocks position at the spot market.

At the National Commodity and Derivatives Exchange, wheat for delivery in March month declined by Rs 10, or 0.56 per cent to Rs 1,760 per quintal with an open interest of 5,780 lots.

Market analysts said offloading of positions by traders on the back of adequate stocks position on increased arrivals from producing belts in the physical market against low demand led to decline in wheat prices at futures trade.