Wheat futures soften by 0.35% on subdued demand

Wheat prices drifted lower by 0.35 per cent to Rs 1,990 per quintal in futures trading today as traders reduced their exposures, driven by muted demand in the spot market against adequate stocks position.
At the National Commodity and Derivatives Exchange, wheat for delivery in November month declined by Rs 7, or 0.35 per cent to Rs 1,990 per quintal with an open interest of 4,440 lots.
Likewise, the wheat for delivery in December contracts weakened by Rs 6, or 0.29 per cent to Rs 2,036 per quintal in 10,790 lots.
Analysts said besides fall in demand from flour mills in the spot market, adequate stocks positioon on improved supplies kept presure on wheat prices at futures trade.