Wheat futures soften 0.18% on ample stocks

Wheat prices slipped 0.18 per cent to Rs 1,654 per quintal in futures trade today as speculators reduced exposure, triggered by sufficient stocks positions in spot markets on higher supplies.

At the National Commodity and Derivatives Exchange, wheat for delivery in January declined Rs 3, or 0.18 per cent, to Rs 1,654 per quintal with an open interest of 3,590 lots.

Likewise, wheat for delivery in February contracts shed Rs 2, or 0.12 per cent, to Rs 1687 per quintal in 5,050 lots.

Market analysts said offloading of positions by traders, driven by adequate stocks position on increased arrivals from producing belts in the physical market against lower demand weighed on prices.

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