Wheat futures down 0.87% on ample stocks

Wheat prices fell 0.87 per cent to Rs 2,040 per quintal in futures trade today as traders trimmed their positions, triggered by sufficient stocks position following increased supplies at spot market.
At the National Commodity and Derivatives Exchange, wheat for delivery in January declined by Rs 18, or 0.87 per cent, to Rs 2,040 per quintal with an open interest of 3,250 lots.
However, wheat for delivery in December held steady at Rs 2,035 per quintal in 7,610 lots.
Analysts said, offloading of positions by participants, triggered by adequate stocks position on increased supplies in the physical market led to decline in wheat prices at futures trade.

Meanwhile, the Centre is mulling scrapping import duty on wheat to boost domestic supplies amid rising prices and concerns about the 2016-17 wheat crop in view of IMD's forecast of warmer winter.
The government had in September lowered wheat import duty to 10 per cent from 25 per cent till February.
Private traders have imported 1.72 million tonne (MT) wheat so far and total inbound shipments are expected to cross 2 MT this year.