Wheat futures soften by 0.17% on ample stocks

Wheat prices eased by 0.17 per cent to Rs 1,815 per quintal in futures market today as speculators reduced holdings, triggered by adequate stocks in the spot market on increased supplies.

At the National Commodity and Derivatives Exchange, wheat for delivery in July declined by Rs 3, or 0.17 per cent to Rs 1,815 per quintal with an open interest of 8,810 lots.

Market analysts said off-loading of positions by traders, driven by sufficient stock position on increased arrivals from producing belts in the physical markets against low demand, weighed on wheat prices at futures trade.