Wheat down 0.38% on adequate supply

Wheat prices fell by Rs 6, or 0.38% to Rs 1,586 per quintal in futures trade today on speculators selling on expectations of an increase in supplies.

At the National Commodity and Derivatives Exchange, the December contract fell by Rs 6, or 0.38%, to Rs 1,586 per quintal, with an open interest of 22,930 lots.

The November contract lost Rs 4, or 0.25%, to Rs 1,589 per quintal, with an open interest of 9,750 lots.

Marketmen attributed the fall in wheat futures to reducing of positions by speculators on expectations of increased supplies in the spot market as the government decided to sell the grain from its warehouse to bulk users at lower rates.