Wheat futures slide 0.47% on higher supply

Wheat prices drifted lower by 0.47 per cent to Rs 1,680 per quintal in futures trade today as speculators cut down their positions, triggered by sufficient stocks positions at the spot markets against lower demand.

At the National Commodity and Derivatives Exchange, wheat for delivery in October fell by Rs 8, or 0.47 per cent to Rs 1,680 per quintal with an open interest of 860 lots.

Analysts said cutting down of positions by participants amid ample stocks position on increased supplies from producing belts in the physical market against subdued demand, mainly led to decline in wheat prices at futures trade.