Wheat futures down on increased supplies

Wheat futures prices fell by Rs 6, or 0.49 per cent, to Rs 1,217 per 100 kg today, as traders reduced their positions on adequate stocks, followed by increased supplies in the spot market.

At the National Commodity and Derivatives Exchange counter, wheat for delivery in July contract fell by Rs 6, or 0.49 per cent, to Rs 1,217 per 100 kg, with an open interest of 14,010 lots.

Similarly, the delivery of August contract drifted by Rs 5.80, or 0.47 per cent, to Rs 1,240.40 per 100 kg, with an open interest of 17,030 lots. It ended down 0.51 per cent at Rs 1,246.20 per quintal.

Wheat for delivery in September contract also showed weakness and traded Rs 6, or 0.47 per cent, down at Rs 1,260.20 per 100 kg, with an open interest of 7,660 lots.

Analysts said apart from mounting stocks in the spot market and government's decision to release five million tonnes of the grain in the open market, put pressure on the wheat prices at futures market here.