Wheat futures extend losses on adequate stocks

Continuing its slide, wheat futures traded Rs 4.80, or 0.37 per cent, lower at Rs 1,277 per 100 kg today on continued offloading of positions, weighed by ample stocks at spot markets and bumper crops.

At the National Commodity and Derivatives Exchange counter, wheat for delivery in November contract fell by Rs 4.80, or 0.37 per cent, to Rs 1,277 per 100 kg, with an open interest of 6,670 lots.   

The grain for delivery in October contract also shed Rs 3.20, or 0.25 per cent, to Rs 1,256.20 per 100 kg, with an open interest of 18,120 lots. 

Similarly, wheat for delivery in September contract also fell by Rs 1.20, or 0.10 per cent, to Rs 1,238.20 per 100 kg, with an open interest of 29,510 lots.

Analysts said adequate stocks at the spot markets and bumper crops mainly kept pressure on wheat futures here.

Besides, expectations of higher sowing following good rains at key wheat growing regions also weighed on the grain futures prices, they added.