Wheat futures soften by 0.17% on higher supply

Wheat prices weakened by 0.17 per cent to Rs 1,749 per quintal in futures market today on reports of increased supplies from producing regions.

At the National Commodity and Derivatives Exchange, wheat for delivery in far-month December traded lower by Rs 3, or 0.17 per cent to Rs 1,749 per quintal with an open interest of 6,620 lots.

Analysts said cutting down of positions by participants amid sufficient stocks position on increased supplies from producing belts at physical market against sluggish demand weighed on wheat prices at futures trade.