Wheat futures soften by 0.89 pc on ample stocks

Wheat prices slipped by 0.89 per cent to Rs 1,662 per quintal in futures trading today as speculators cut exposure on account of sufficient stocks at spot markets on higher supplies.

At the National Commodity and Derivatives Exchange, wheat for delivery in April fell by Rs 15, or 0.89 per cent, to Rs 1,662 per quintal with an open interest of 2,320 lots.

In a similar fashion, wheat for delivery in May shed Rs 2, or 0.12 per cent, to Rs 1,699 per quintal in 440 lots.

Market analysts said, trimming of positions by traders, triggered by adequate stocks on increased arrivals from producing belts in the physical market against low demand, mainly weighed on the wheat prices at futures trade.