Wheat futures remain weak on ample supply

Wheat prices eased further by 0.18 per cent to Rs 1,673 per quintal in futures market today on improved stocks positions at spot markets.
At the National Commodity and Derivatives Exchange, wheat for delivery in August month declined by Rs 3, or 0.18 per cent to Rs 1,673 per quintal with an open interest of 18,820 lots.
Similarly, the wheat for delivery in September month contracts edged down by Re 1, or 0.06 per cent to Rs 1,698 per quintal in 3,370 lots.
Analysts said offloading of positions by traders on the back of adequate stocks position on increased supplies from producing belts in physical market kept wheat prices lower at futures trade.