Wheat futures fall 0.29% on higher supply

Wheat futures fell further by 0.29 per cent to Rs 1,712 per quintal today on speculative selling triggered by sufficient stocks position on increased supplies from producing regions at spot market.
At the National Commodity and Derivatives Exchange, wheat for delivery in January 2018 was trading lower by Rs 5, or 0.29 per cent to Rs 1,712 per quintal with an open interest of 1,770 lots.
The wheat for delivery in December shed Rs 3, or 0.18 per cent to Rs 1,682 per quintal in 10,690 lots.
Analysts said cutting down of positions by traders on the back of ample stock position on increased arrivals from producing belts at the physical market against low demand mainly kept wheat prices down at futures trade.