Wheat futures remain weak on record output

Wheat prices continued to fall and shed 0.22% to Rs 1,187.60 a quintal in futures trade today as speculators offloaded positions since the country is estimated to have a record output this crop year.

Adequate stocks at the spot markets amid sluggish demand from flour mills also kept pressure on wheat prices.

At the National Commodity and Derivatives Exchange, wheat for delivery in May fell by Rs 2.60, or 0.22%, to Rs 1,187.60 a quintal, with an open interest of 30,130 lots.

April wheat lost Rs 1.20, or 0.10%, to Rs 1,174, with an open interest of 7,630 lots.

Analysts said besides adequate stocks in the market due to rising supplies, estimate of higher output this crop year also weighed down on the wheat futures prices here.

Meanwhile, wheat production is estimated to be at record high of 84.27 million tonnes this crop year.