Wheat futures down 1.56% on profit booking

Wheat prices drifted lower by 1.56 per cent to Rs 1,701 per quintal in futures trading today as speculators booked profits, triggered by ample stocks position at spot market against lower demand.
At the National Commodity and Derivatives Exchange, wheat for delivery in March month declined by Rs 27, or 1.56 per cent, to Rs 1,701 per quintal with an open interest of 4,230 lots.
Likewise, the wheat for delivery in April contracts was trading lower by Rs 7, or 0.42 per cent, to Rs 1,642 per quintal in 2,520 lots.
Analysts attributed the slide in wheat futures to profit-booking by participants, triggered by sufficient stocks in the physical market against weak demand from flour mills.

Expectations of bumper crop this year also weighed on wheat prices, they said.