Wheat prices drifted lower by 0.25 per cent to Rs 1,599 per quintal in futures trade today as traders trimmed their positions, triggered by sufficient stocks at spot market against low demand.
At the National Commodity and Derivatives Exchange, wheat for delivery in June fell by Rs 4, or 0.25 per cent, to Rs 1,599 per quintal, with an open interest of 18,880 lots.
Similarly, the wheat for delivery in July shed Rs 2, or 0.12 per cent, to Rs 1,621 per quintal in 11,270 lots.
Analysts said offloading of positions by participants, driven by ample stocks position on higher supplies from producing regions in the physical market against muted demand from flour mills mainly weighed on wheat prices at futures trade.
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