Wheat futures ease on profit taking

Wheat futures prices traded lower by Rs 4.20 to Rs 1,309.60 per quintal today due to profit taking by speculators at existing higher levels.

At the National Commodity and Derivatives Exchange, wheat for January month contract fell by Rs 4.20, or 0.32 per cent to Rs 1,309.60 per quintal, with a business turnover of 3,120 lots.  

The wheat for delivery in November also shed Rs 1, or 0.08 per cent, to Rs 1,255 per quintal, with a trade volume of 17,440 lots.

Market analysts said profit taking by speculators at existing higher levels led to decline in wheat futures prices.