Wheat futures down 0.88% on ample stocks

Wheat prices drifted lower by 0.88 per cent to Rs 1,684 per quintal in futures trade today as speculators reduced exposure, triggered by adequate stocks position on increased supplies from producing regions at the spot market.
At the National Commodity and Derivatives Exchange, wheat for delivery in December fell by Rs 15, or 0.88 per cent to Rs 1,684 per quintal with an open interest of 11,130 lots.
Likewise, the wheat for delivery in January next year traded lower by Rs 13, or 0.75 per cent to Rs 1,715 per quintal in 860 lots.
Analysts said cutting down of positions by traders amid sufficient stock position on increased arrivals from producing belts at the physical market against low demand mainly weighed on wheat prices at futures trade.