Wheat futures soften by 0.52% on adequate stocks

Wheat prices eased by 0.52 per cent to Rs 1,728 per quintal in futures trade today as speculators trimmed positions, triggered by ample stocks at spot market against muted demand from flour mills.

At the National Commodity and Derivatives Exchange, wheat for delivery in far-month September declined by Rs 9, or 0.52 per cent to Rs 1,728 per quintal with an open interest of 9,670 lots.

Likewise, the wheat for delivery in August contracts traded lower by Rs 6, or 0.35 per cent to Rs 1,707 per quintal in 20,750 lots.

Traders attributed the fall in wheat futures to subdued demand from flour mills in the spot market against adequate stocks position.