Wheat futures remain weak on sufficient stocks

Wheat prices drifted lower by 0.42 per cent to Rs 1,898 per quintal in futures trade today as traders engaged in reducing their positions, triggered by ample stocks position at the spot market against subdued demand.
In futures trading at the National Commodity and Derivatives Exchange, wheat for delivery in January fell by Rs 8, or 0.42 per cent to Rs 1,898 per quintal with an open interest of 3,420 lots.
On similar lines, the wheat for delivery in February shed Rs 7, or 0.37 per cent to Rs 1,886 per quintal in 940 lots.
Analysts said, offloading of positions by participants, driven by adequate stocks position in the physical market against tepid demand from flour mills, mainly kept wheat prices lower at futures trade.