Wheat futures remain weak, shed 0.24% on higher supply

Wheat remained weak for the second day and prices eased further by 0.24 per cent to Rs 1,653 per quintal in futures trade today as speculators engaged in trimming their positions, triggered by sufficient stocks positions at the spot markets against subdued demand.

At the National Commodity and Derivatives Exchange, wheat for delivery in August declined by Rs 4, or 0.24 per cent, to Rs 1,653 per quintal, with an open interest of 3,980 lots.

Likewise, the wheat for delivery in September shed Rs 2, or 0.12 per cent, to Rs 1,666 per quintal in 14,920 lots.

Analysts said cutting down of positions by participants on the back of ample stocks position on increased supplies from producing belts in the physical market against lower demand, mainly kept pressure on wheat prices at futures trade.