Wheat futures shed 1.07% on ample stocks

Wheat prices declined by 1.07 per cent to Rs 1,757 per quintal in futures trade today as speculators reduced their bets, driven by sufficient stocks positions in spot markets.
At the National Commodity and Derivatives Exchange, wheat for delivery in March was trading lower by Rs 19, or 1.07 per cent, to Rs 1,757 per quintal with an open interest of 6,440 lots.
Market analysts said offloading of positions by traders following adequate stocks position on increased arrivals from producing belts in the physical markets against low demand weighed on wheat futures.