Wheat futures soften on increased supply

Wheat prices softened by Rs 8 or 0.49 per cent to Rs 1,637 per quintal in futures trade today on weak cues from spot markets.
At the National Commodity and Derivatives Exchange, wheat for delivery in July fell by Rs 8, or 0.49 per cent to Rs 1,637 per quintal with an open interest of 5,850 lots.
Likewise, the wheat for delivery in June shed Rs 2, or 0.12 per cent to Rs 1,619 per quintal in 19,730 lots.
Analysts said traders offloaded positions after weak cues from physical markets.
Spot markets witnessed sufficient stocks positions on increased supplies from producing belts, they said.