Wheat futures down 2.65 pc on ample stocks

Wheat prices drifted by 2.65 per cent to Rs 1,986 per quintal in futures trade today as participants trimmed their positions, triggered by adequate stocks position at spot market.
At the National Commodity and Derivatives Exchange, wheat for delivery in January fell by Rs 54, or 2.65 per cent to Rs 1,986 per quintal with an open interest of 4,050 lots.
Likewise, the wheat for delivery in December traded lower by Rs 30, or 1.47 per cent to Rs 2,005 per quintal in 7,180 lots.
Analysts said offloading of positions by traders, driven by sufficient stocks on improved supplies in the physical market against subdued demand from flour mills mainly pulled down wheat prices at futures trade.

Meanwhile, government today reduced the import duty on wheat to zero from 10 per cent to improve domestic availability in the wake of rising prices and concerns about 2016-17 wheat crop in view of IMD's forecast of warmer winter.