Wheat futures weaken by 0.22% on ample stocks

Wheat prices shed 0.22 per cent to Rs 1,774 per quintal in futures market today as speculators reduced holdings, triggered by adequate stocks at spot markets on increased supplies.

At the National Commodity and Derivatives Exchange, wheat for delivery in June declined by Rs 4, or 0.22 per cent to Rs 1,774 per quintal with an open interest of 2,590 lots.

Market analysts said cutting down of positions by traders, driven by sufficient stock position on increased arrivals from producing belts in the physical markets, weighed on wheat prices at futures trade.