Wheat futures down 0.72% on ample stocks

Wheat prices fell by 0.72 per cent to Rs 1,650 per quintal in futures trade today as speculators reduced their exposure, triggered by adequate stocks position at spot market.

At the National Commodity and Derivatives Exchange, wheat for delivery in May fell by Rs 12, or 0.72 per cent, to Rs 1,650 per quintal with an open interest of 200 lots.

Likewise, the wheat for delivery in March contracts was trading lower by Rs 6, or 0.35 per cent, to Rs 1,686 per quintal in 4,540 lots.

Analysts said offloading of positions by participants, driven by sufficient stocks position on increased supplies from producing regions in the physical market against weak demand from flour mills, mainly led to decline in wheat prices at futures trade.