Wheat futures remain weak on adequate stocks

Wheat prices drifted further by 0.75 per cent to Rs 1,716 per quintal in futures market today as participants engaged in reducing positions, triggered by ample stocks at spot market.
At the National Commodity and Derivatives Exchange, wheat for delivery in July fell by Rs 13, or 0.75 per cent to Rs 1,716 per quintal with an open interest of 5,090 lots.
On similar lines, wheat for delivery in far-month August declined by Rs 12, or 0.68 per cent to Rs 1,746 per quintal in 31,870 lots.
Analysts attributed the slide in wheat futures to ample stocks on increased supplies in the physical market against muted demand.