Wheat prices drifted lower by 0.30 per cent to Rs 1,646 per quintal in futures market today as speculators reduced their holdings amid sufficient stocks at the spot market on increased supplies.
At the National Commodity and Derivatives Exchange, wheat for delivery in January was trading lower by Rs 5, or 0.30 per cent to Rs 1,646 per quintal with an open interest of 6,450 lots.
Similarly, the wheat for delivery in December contracts moved down by Rs 3, or 0.19 per cent to Rs 1,608 per quintal in 3,860 lots.
Analysts said offloading of positions by traders on the back of adequate stocks position on increased arrivals from producing belts at the physical market against lower demand from flour mills weighed on wheat prices at futures trade.
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