Wheat futures remain weak

Wheat prices drifted lower by 0.17 per cent to Rs 1,746 per quintal in futures trade today as speculators engaged in trimming their positions, triggered by ample stocks on increased supplies.

At the National Commodity and Derivatives Exchange, wheat for delivery in May declined by Rs 3, or 0.17 per cent to Rs 1,746 per quintal with an open interest of 1,660 lots.

However, the wheat for delivery in June held steady at Rs 1,773 per quintal in 3,290 lots.

Market analysts said offloading of positions by traders on the back of sufficient stock position on increased arrivals from producing belts kept pressure on wheat prices at futures trade.