Wheat futures weaken on increased supply

Wheat prices fell by Rs 8 to Rs 1,679 a quintal in futures market today as speculators engaged in reducing their bets, triggered by ample stocks position on increased supplies from growing regions at spot markets.
At the National Commodity and Derivatives Exchange, wheat for delivery in June declined by Rs 8, or 0.47 per cent to Rs 1,679 per quintal with an open interest of 5,280 lots.
Similarly, the wheat for delivery in May contracts shed by Rs 4, or 0.24 per cent, to Rs 1,654 per quintal in 10,900 lots.
Analysts said trimming of positions by traders on the back of sufficient stocks position due to increased arrivals from producing regions in the physical market, mainly kept pressure on wheat prices at futures trade.