Wheat futures down 0.37% on ample stocks

Wheat prices drifted lower by Rs 6, or 0.37 per cent, to Rs 1,606 per quintal in futures trading today due to weak cues from physical markets.

At the National Commodity and Derivatives Exchange, wheat for delivery in July month declined by Rs 6, or 0.37 per cent to Rs 1,606 per quintal with an open interest of 22,880 lots.

Similarly, the far-month August contract fell by Rs 4, or 0.24 per cent to Rs 1,629 per quintal in 3,730 lots.

Analysts said offloading of positions by traders driven by adequate stocks in physical markets influenced wheat prices at futures trade.