Wheat futures soften 0.18 pc on ample stocks

Wheat prices weakened by 0.18 per cent to Rs 1,634 per quintal in futures trade today as speculators cut down positions, triggered by sufficient stocks at the spot markets.

At the National Commodity and Derivatives Exchange, wheat for delivery in September fell by Rs 3, or 0.18 per cent, to Rs 1,634 per quintal with an open interest of 12,730 lots.

However, wheat for delivery in October held steady at Rs 1,655 per quintal in 5,590 lots.

Analysts said, offloading of positions by participants amid ample stocks position on increased supplies from producing belts in the physical market against lower demand, mainly influenced wheat prices at futures trade.

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