Wheat futures succumb to profit-booking, slip 2 pc

Wheat prices dropped by 2.03 per cent to Rs 2,075 per quintal in futures market today as speculators booked profits at prevailing levels.
At the National Commodity and Derivatives Exchange, wheat for delivery in December fell by Rs 43, or 2.03 per cent to Rs 2,075 per quintal with an open interest of 11,010 lots.
Similarly, wheat for delivery in January traded lower by Rs 40, or 1.86 per cent to Rs 2,108 per quintal in 2,420 lots.
Analysts said profit-booking by traders at existing levels after recent gains, led to decline in wheat prices at futures trade.
Meanwhile, the government has doubled the quantity of wheat to 14,000 tonnes to be sold in open market through auction in the national capital on November 24 in order to check prices.

The Centre recently released 10 lakh tonnes of wheat under the Open Market Sale Scheme (OMSS) meant for flour millers and other bulk users.