Wheat futures extend losses on higher supply

Wheat prices drifted further lower by 0.42 per cent to Rs 1,643 per quintal in futures trade today as speculators engaged in reducing their positions amid increased supplies from producing belts at spot markets.
At the National Commodity and Derivatives Exchange, wheat for delivery in May eased by Rs 7, or 0.42 per cent, to Rs 1,643 per quintal with an open interest of 11,460 lots.
Likewise, the wheat for delivery in June contracts traded lower by Rs 6, or 0.36 per cent, to Rs 1,673 per quintal in 8,050 lots.
Analysts said offloading of positions by traders amid adequate stocks position on increased arrivals from producing regions in the physical market, mainly kept wheat prices lower at futures trade.