Wheat futures weaken on higher supply

Wheat prices eased by 0.53 per cent to Rs 1,686 per quintal in futures market today as speculators reduced exposure amid sufficient stocks at the spot markets on higher supplies.

At the National Commodity and Derivatives Exchange, wheat for delivery in May was trading lower by Rs 9, or 0.53 per cent, to Rs 1,686 per quintal with an open interest of 2,110 lots.

Market analysts said, apart from offloading of positions by traders, ample stocks position in the spot markets due to increased arrivals from producing belts against lower demand, mainly weighed on wheat prices at futures trade.