Adequate stocks drag down wheat futures 0.74 pc

Wheat prices moved down by 0.74 per cent to Rs 1,620 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 September fell by Rs 12, or 0.74 per cent, to Rs 1,620 per quintal with an open interest of 320 lots.

On similar lines, wheat for delivery in October edged down by Rs 2, or 0.12 per cent, to Rs 1,639 per quintal in 13,990 lots.

Analysts said, cutting down of positions by traders following sufficient stock position on increased supplies from producing regions in the physical market against muted 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.)