Adequate stocks drag down wheat futures by 1.15%

Wheat prices fell by 1.15 per cent to Rs 1,640 per quintal in futures market today as speculators cut down bets, triggered by ample stock positions at the spot markets against low demand.
At the National Commodity and Derivatives Exchange, wheat for delivery in far-month November declined by Rs 19, or 1.15 per cent to Rs 1,640 per quintal with an open interest of 1780 lots.
Likewise, the wheat for delivery in October traded lower by Rs 17, or 1.04 per cent to Rs 1,618 per quintal in 12,980 lots.
Analysts said offloading of positions by participants, driven by sufficient stock position on increased supplies from producing regions in the physical market against subdued demand, mainly put pressure on wheat prices at futures trade.