Wheat futures extend slide on higher supply

Wheat prices fell further by 1.37 per cent to Rs 1,653 per quintal in futures market today as speculators engaged in reducing their holdings, triggered by ample stocks on increased supplies at the spot market.
At the National Commodity and Derivatives Exchange, wheat for delivery in January declined by Rs 23, or 1.37 per cent to Rs 1,653 per quintal with an open interest of 6,300 lots.
In a similar fashion, wheat for delivery in February shed Rs 23, or 1.35 per cent to Rs 1,685 per quintal in 2,120 lots.
Market analysts said cutting down of positions by traders, driven by adequate stocks on increased arrivals from producing belts in the physical market against low demand, mainly kept wheat prices down at futures trade.