Wheat futures extend losses, down 0.65 pc on higher supply

Wheat prices went further down by 0.65 per cent to Rs 1,687 per quintal in futures trade today as speculators engaged in trimming positions, triggered by higher supplies from producing regions at the spot market.
At the National Commodity and Derivatives Exchange, wheat for delivery in January was trading lower by Rs 11, or 0.65 per cent, to Rs 1,687 per quintal with an open interest of 4,000 lots.
Similarly, wheat for delivery in December declined by Rs 9, or 0.54 per cent, to Rs 1,650 per quintal in 6,920 lots.
Analysts said offloading of positions by traders on the back of sufficient stock position on increased arrivals from producing belts at the physical market against lower demand, mainly kept wheat prices down at futures trade.