Wheat futures remain weak, shed 1.31 pc on higher supply

Wheat prices drifted lower by 1.31 per cent to Rs 1,579 per quintal in futures market today as speculators engaged in reducing positions, triggered by ample stocks on increased supplies from producing belts at spot markets.
At the National Commodity and Derivatives Exchange, wheat for delivery in May fell by Rs 21, or 1.31 per cent to Rs 1,579 per quintal with an open interest of 8,750 lots.
Similarly, the wheat for delivery in June shed Rs 18, or 1.11 per cent to Rs 1,608 per quintal in 15,630 lots.
Analysts said, trimming of positions by traders, driven by sufficient stocks position on persistent arrivals from producing regions in the physical market, mainly kept pressure on wheat prices at futures trade.