Wheat futures slide 0.29% on higher supply

Wheat prices moved down by 0.29 per cent to Rs 1,707 per quintal in futures trading today as speculators trimmed their positions, triggered by ample stocks position on increased supplies from producing regions at the spot market.
At the National Commodity and Derivatives Exchange, wheat for delivery in December declined by Rs 5, or 0.29 per cent to Rs 1,707 per quintal with an open interest of 11,670 lots.
However, wheat for delivery in November contracts held steady at Rs 1,687 per quintal in 1,240 lots.
Analysts said cutting down of positions by traders amid sufficient stock position on increased arrivals from producing belts at the physical market against muted demand mainly influenced wheat prices in futures trade.