Wheat futures decline on ample stocks

Wheat declined marginally by 0.25% in futures trade today as speculators reduced their positions amid ample stocks in the market following increased supplies.

At the National Commodity and Derivatives Exchange, wheat for November delivery declined by Rs 3, or 0.25%, to Rs 1,211 per quintal, with an open interest of 8,610 lots.

Similarly, September delivery shed Rs 2, or 0.40%, to Rs 1,159 per quintal, with a business turnover of 21,050 lots.

Market analysts attributed the weakness in wheat in the futures trade to higher stocks in the market following supply prices but the government's decision to lift a four-year ban on its exports capped the losses.