Wheat futures extend losses, shed 0.17% on higher supply

Wheat remained weak for the third day as prices eased further by 0.17 per cent to Rs 1,755 per quintal in futures trade today as speculators engaged in reducing holdings, triggered by sufficient stocks position on higher supplies from producing belts.

At the National Commodity and Derivatives Exchange, wheat for delivery in March was trading lower by Rs 3, or 0.17 per cent to Rs 1,755 per quintal with an open interest of 7,150 lots.

Market analysts said offloading of positions by traders on the back of ample stocks position on increased arrivals from producing belts in the physical markets against lower demand kept wheat futures down.