Wheat futures soften by 0.23% on ample stocks

Wheat prices traded lower by 0.23 per cent to Rs 1,755 per quintal in futures market today as participants trimmed their positions, triggered by adequate stocks position at the spot market against lower demand.
At the National Commodity and Derivatives Exchange, wheat for delivery in March contracts was trading lower by Rs 4, or 0.23 per cent to Rs 1,755 per quintal with an open interest of 1,060 lots.
Analysts said offloading of positions by traders amid sufficient stocks position in the physical market against subdued demand from flour mills, mainly led to decline in wheat prices at futures trade.