Wheat futures weaken by 0.17% on profit-booking

Wheat prices were down by 0.17 per cent to Rs 1,791 per quintal in futures trade today as speculators booked profits at prevailing levels, driven by easing demand at spot market.

At the National Commodity and Derivatives Exchange, wheat for delivery in far-month August contracts declined by Rs 3, or 0.17 per cent to Rs 1,791 per quintal with an open interest of 13,520 lots.

Likewise, the wheat for delivery in July contracts weakened by Rs 2, or 0.11 per cent to Rs 1,763 per quintal in 27,230 lots.

Analysts attributed the slide in wheat futures to profit booking by participants amid subdued demand from flour mills in the spot market against adequate stocks.