Wheat falls to 14-week low on sustain selling

Wheat prices fell to a 14-week low and lost Rs four, or 0.33 per cent, to Rs 1,223.60 per 100 kg in futures trade today on sustained selling by speculators and expectations of bumper crop following adequate monsoons.

A weakening global markets also weighed on the trading sentiment in futures trade.

At the National Commodity and Derivatives Exchange platform, the wheat for delivery in September-month fell Rs four, or 0.33 per cent, to Rs 1,223.60 per 100 kg, with an open interest of 28,370 lots.

The grain for delivery in October shed Rs 3.40, or 0.27 per cent, to Rs 1,241 per 100 kg, with an open interest of 19,250 lots, while November contract eased by Rs 2.60, or 0.21 per cent, to Rs 1,263 per 100 kg, with an open interest of 6,760 lots.

Analysts said adequate stocks in the physical markets amid reports of better crop this season, mainly kept pressure on the wheat futures prices.