Wheat futures weaken by 0.24% on ample stocks

Wheat prices were lower by 0.24 per cent to Rs 1,649 per quintal in futures trading today as speculators cut down their positions.

At the National Commodity and Derivatives Exchange, wheat for delivery in October declined by Rs 4, or 0.24 per cent to Rs 1,649 per quintal with an open interest of 7,420 lots.

Analysts said cutting down of positions by participants amid sufficient stocks position on increased supplies from producing belts in the physical market against lower demand, mainly kept pressure on wheat prices at futures trade.