Wheat futures shed 0.18% amid ample stocks

Wheat prices softened by 0.18 per cent to Rs 1,685 per quintal in futures trade today as speculators cut bets, triggered by adequate stocks position at the spot market on higher supplies.

At the National Commodity and Derivatives Exchange, wheat for delivery in May declined by Rs 3, or 0.18 per cent, to Rs 1,685 per quintal with an open interest of 2,090 lots.

Market analysts said trimming of positions by traders, triggered by sufficient stocks position on increased arrivals from producing belts in the physical market against weak demand, put pressure on wheat prices at futures trade.