Wheat futures remain weak, shed 0.23% on higher supply

Wheat prices fell further by 0.23 per cent to Rs 1,771 per quintal in futures trade today as speculators engaged in reducing their holdings, triggered by ample stocks position on increased supplies from growing regions at spot market.

At the National Commodity and Derivatives Exchange, wheat for delivery in March moved down by Rs 4, or 0.23 per cent to Rs 1,771 per quintal with an open interest of 6,400 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 muted demand, kept wheat prices down at futures trade.