Wheat futures soften 0.24 pc on ample stocks

Wheat prices eased by 0.24 per cent to Rs 1,669 per quintal in futures trade today as speculators trimmed positions, triggered by sufficient stocks positions at spot markets.
At the National Commodity and Derivatives Exchange, wheat for delivery in August declined by Rs 4, or 0.24 per cent, to Rs 1,669 per quintal with an open interest of 21,720 lots.
However, wheat for delivery in July held steady at Rs 1,665 per quintal in 170 lots.
Analysts said cutting down of positions by traders amid adequate stocks position on increased supplies from producing belts in the physical market mainly influenced wheat prices at futures trade.