Adequate stocks drag down wheat futures 0.49 pc

Wheat prices softened by 0.49 per cent to Rs 1,641 per quintal in futures trading today as speculators cut down bets, triggered by ample stock positions at the spot markets against easing demand.

At the National Commodity and Derivatives Exchange, wheat for delivery in October fell by Rs 8, or 0.49 per cent, to Rs 1,641 per quintal with an open interest of 14,330 lots.

Likewise, the wheat for delivery in November shed Rs 2, or 0.12 per cent, to Rs 1,670 per quintal in 570 lots.

Analysts said, cutting down of positions by traders, driven by sufficient stock position on increased supplies from producing regions in the physical market against subdued demand, mainly weighed on wheat prices at futures trade.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)