Wheat futures slip 0.59% on ample stocks

Wheat prices slipped 0.59 per cent to Rs 2,018 per quintal in futures trade Monday as speculators trimmed positions, triggered by adequate stocks positions at spot markets.

At the National Commodity and Derivatives Exchange, wheat for delivery in September declined by Rs 12, or 0.59 per cent, to Rs 2,018 per quintal with an open interest of 2,130 lots.

Analysts said offloading of positions by traders amid sufficient stocks position on increased supplies from producing belts in the physical market against low demand weighed on wheat prices in futures trade.