Wheat futures fall on ample stocks

Wheat prices drifted by Rs 5.80, or 0.46 per cent, to Rs 1,250 per quintal in futures trade today on reduced offtake against ample stocks following record output.

At the Multi Commodity Exchange platform, wheat for delivery in November-month fell by Rs 5.80, or 0.46 per cent, to Rs 1,250 per quintal, with an open interest of 7,720 lots.

Similarly, the grain for delivery in September declined by Rs 3.60, or 0.30 per cent, to Rs 1,212 per quintal, with an open interest of 28,590 lots.

Analysts said ample stocks and record output mainly kept pressure on wheat prices at futures market here.