Falling for the second day, wheat prices eased further by 0.78 per cent to Rs 1,662 per quintal in futures trade today as speculators engaged in reducing their positions, triggered by sufficient stocks position on increased supplies at spot market.
At the National Commodity and Derivatives Exchange, wheat for delivery in May fell by Rs 13, or 0.78 per cent, to Rs 1,662 per quintal, with an open interest of 9,380 lots.
Likewise, the wheat for delivery in April shed Rs 9, or 0.55 per cent, to Rs 1,626 per quintal in 2,510 lots.
Analysts said offloading of positions by traders, driven by ample stocks position following increased arrivals from producing regions in the physical market, mainly kept wheat prices down at futures trade.
Besides, expectations of bumper crop this year also weighed on wheat prices at futures, they said.
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