Wheat futures remain weak on ample stocks

Wheat prices fell further by 0.39 per cent to Rs 2,045 per quintal in futures trading today as traders engaged in reducing their positions, triggered by ample stocks on improved supplies at spot market.
At the National Commodity and Derivatives Exchange, wheat for delivery in December declined by Rs 8, or 0.39 per cent, to Rs 2,045 per quintal, with an open interest of 10,460 lots.
Analysts said offloading of positions by participants, triggered by sufficient stocks position on improved supplies in the physical market against subdued demand kept wheat prices lower at futures trade.
Meanwhile, Indian flour mills have imported 17.2 lakh tonnes of wheat from Ukraine, Australia and France so far this crop year to meet domestic shortages.

Additional 6-7 lakh tonnes of wheat shipments are expected to arrive in the coming months of the 2015-16 crop year (July-June), taking the country's overall imports to 24 lakh tonnes this year.