Wheat prices drifted lower by 0.29 per cent to Rs 1,716 per quintal in futures market as speculators trimmed positions, triggered by adequate stocks on increased supplies in spot markets.
At the National Commodity and Derivatives Exchange, wheat for delivery in February month declined by Rs 5, or 0.29 per cent to Rs 1,716 per quinta with an open interest of 5,250 lots.
Market analysts said offloading of positions by traders on the back of ample stocks position on increased arrivals from producing belts in physical market against low demand influenced wheat prices at futures trade.
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