Adequate stocks drag down wheat futures 0.24%

Wheat prices drifted lower by 0.24 per cent to Rs 1,645 per quintal in futures trading today as speculators cut down their positions, triggered by ample stock positions at the spot markets against lower demand.
At the National Commodity and Derivatives Exchange, wheat for delivery in October fell by Rs 4, or 0.24 per cent to Rs 1,645 per quintal with an open interest of 9,590 lots.
On similar lines, the wheat for delivery in September contracts weakened by Rs 3, or 0.19 per cent to Rs 1,615 per quintal in 7,920 lots.
Analysts said cutting down of positions by traders, triggered by sufficient stock position on increased supplies from producing regions, mainly weighed on wheat prices at futures trade.