Wheat futures down on thin trade

Wheat futures prices eased marginally by Rs 3.20, or 0.25 per cent, to Rs 1,287.20 per 100 kg today on hopes of stock release in the open market by the government.

However, pick up in demand from flour mills and reports that the government will consider the imposition of import duty on wheat, limited losses.

At the National Commodity and Derivatives Exchange counter, wheat for delivery in October contract fell by Rs 3.20, or 0.25 per cent, to Rs 1,287.20 per 100 kg, with an open interest of 5,670 lots. 

Similarly, the delivery of August contract drifted by Re 1, or 0.08 per cent, to Rs 1,251.20 per 100 kg, with an open interest of 22,260 lots. It ended down 0.61 per cent at Rs 1,231.20 per 100 kg in yesterday's trade.

Analysts said apart from mounting stocks in the spot market followed by 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.