Wheat futures remain weak, shed 0.18% on ample stocks

Continuing its losing streak for the third day, wheat prices declined by another 0.18 per cent to Rs 1,659 per quintal in futures trading today as traders engaged in reducing their positions, triggered by adequate stocks position on improved supplies at spot market.

At the National Commodity and Derivatives Exchange, wheat for delivery in March month shed Rs 3, or 0.18 per cent to Rs 1,659 per quintal with an open interest of 3,500 lots.

Analysts said trimming of positions by participants, driven by adequate stocks position on increased arrivals from producing regions in the physical market against tepid demand from flour mills, mainly kept wheat prices lower at futures trade.