Wheat prices dropped by 1.53 per cent to Rs 1,610 per quintal in futures trading today as speculators cut down their bets, driven by ample stocks position on increased supplies from growing regions at spot markets.
At the National Commodity and Derivatives Exchange, wheat for delivery in April month fell by Rs 25, or 1.53 per cent, to Rs 1,610 per quintal with an open interest of 230 lots.
Similarly, the wheat for delivery in May contracts shed Rs 2, or 0.12 per cent, to Rs 1,649 per quintal in 11,280 lots.
Analysts said offloading of positions by traders amid sufficient stocks position due to increased supplies from producing regions in mandies, mainly led to the decline in prices of wheat at futures trade.
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