Wheat prices weakened by 0.42 per cent to Rs 1,879 per quintal in futures trade today as speculators cut down their holdings, triggered by adequate stocks in the spot market on increased supplies.
At the National Commodity and Derivatives Exchange, wheat for delivery in July declined by Rs 8, or 0.42 per cent, to Rs 1,879 per quintal with an open interest of 2,290 lots.
Likewise, the wheat for delivery in August shed Rs 7, or 0.37 per cent, to Rs 1,890 per quintal in 7,110 lots.
Market analysts said, offloading of positions by traders driven by sufficient stocks position on increased arrivals from producing belts in the physical markets against low demand, weighed on wheat prices in futures trade.
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