Wheat futures remain down on supply pressure

Amid adequate stocks following record procurement by the government, wheat fell by 0.34% in futures trade today.

At the National Commodity and Derivatives Exchange, wheat for September delivery fell by Rs 4.20, or 0.34%, to Rs 1,221 per quintal, with an open interest for 3,420 lots.

Wheat for July delivery also shed 80 paise, or 0.07%, to Rs 1,168.40 per quintal, with a turnover of 32,790 lots.  

Analysts said supply pressure in the spot market amid record wheat procurement by the government on the back of all-time high production of the rabi crop continued to put pressure on wheat prices in futures trade.

 

In addition, fall in demand from flour mills also kept pressure on the wheat futures prices here.