Wheat futures hit a soft patch on higher supply

Wheat prices eased by 0.19 per cent to Rs 1,611 per quintal in futures trade today as speculators lightened their bets, triggered by ample stocks.

At the National Commodity and Derivatives Exchange, wheat for delivery in July contract declined by Rs 3, or 0.19 per cent, to Rs 1,611 per quintal with an open interest of 23,730 lots.

Analysts said trimming of positions by traders, driven by adequate stocks after increased arrivals from producing regions in the physical market, kept the wheat prices subdued.