Wheat futures soften 0.73% on higher supplies

Wheat prices eased by 0.75 per cent to Rs 1,775 per quintal in futures trade today as speculators reduced holdings, triggered by sufficient stocks position on higher supplies in the spot market.

At the National Commodity and Derivatives Exchange, wheat for delivery in April declined by Rs 13, or 0.73 per cent, to Rs 1,775 per quintal with an open interest of 1,140 lots.

Market analysts said offloading of positions by traders, driven by ample stocks position on increased arrivals from producing belts in the physical market against low demand, put pressure on wheat futures.