Extending its losses for the second day, wheat prices eased further by 0.24 per cent to Rs 1,697 per quintal in futures trading today as speculators reduced their exposure, triggered by adequate stocks position at spot market against tepid demand.
At the National Commodity and Derivatives Exchange, wheat for delivery in March month fell by Rs 4, or 0.24 per cent, to Rs 1,697 per quintal with an open interest of 4,490 lots.
However, wheat for delivery in April contracts held steady at Rs 1,640 per quintal in 2,620 lots.
Analysts said offloading of positions by participants, driven by ample stocks position on increased supplies from producing regions against sluggish demand from flour mills, mainly kept wheat prices to trade lower at futures trade.
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