Wheat futures remain weak, shed 1.08 pc on higher supply

Wheat prices drifted further lower by 1.08 per cent to Rs 1,656 per quintal in futures market today as speculators engaged in reducing their exposure, triggered by sufficient stock position on increased supplies from producing regions.
At the National Commodity and Derivatives Exchange, wheat for delivery in December fell by Rs 18, or 1.08 per cent to Rs 1,656 per quintal with an open interest of 9,180 lots.
The wheat for delivery in January 2018 was trading lower by Rs 15 or 0.88 per cent to Rs 1,693 per quintal with an open interest of 3,030 lots.
Analysts said offloading of positions by traders on the back of adequate stock position on increased arrivals from producing belts at the physical market mainly kept wheat prices lower at futures trade.