Wheat prices fell further by 1.94 per cent to Rs 1,716 per quintal in futures trading today as speculators engaged in reducing their holdings, triggered by sufficient stocks position at the spot market on higher supplies.
At the National Commodity and Derivatives Exchange, wheat for delivery in April dropped by Rs 34, or 1.94 per cent to Rs 1,716 per quintal with an open interest of 1,490 lots.
Likewise, the wheat for delivery in May was trading lower by Rs 19, or 1.10 per cent to Rs 1,714 per quintal in 80 lots.
Market analysts said cutting down of positions by traders, driven by ample stocks position on increased arrivals from producing belts in the physical market, mainly put pressure on wheat prices at futures trade.
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