Wheat futures soften on ample stocks position

Wheat prices fell by 0.24 per cent to Rs 1,668 per quintal in futures trading today as speculators engaged in trimming their bets against adequate stocks position at spot market.
At the National Commodity and Derivatives Exchange, wheat for delivery in March month declined by Rs 4, or 0.24 per cent to Rs 1,668 per quintal with an open interest of 2,610 lots.
Likewise, the wheat for delivery in April contracts shed Rs 3, or 0.18 per cent to Rs 1,654 per quintal in 3,960 lots.
Analysts said offloading of positions by traders amid sufficient stocks position on increased arrivals from producing regions in the physical market against subdued demand from flour mills, mainly influenced wheat prices at futures trade.