Wheat futures weaken on higher supply

Wheat prices shed 0.15 percent to Rs 2,026 per quintal in futures trade today as speculators cut down positions, triggered by ample stocks at the spot market on increased supplies.

At the National Commodity and Derivatives Exchange, wheat for delivery in October declined by Rs 3, or 0.15 percent, to Rs 2,026 per quintal with an open interest of 750 lots.

Market analysts said offloading of positions by traders on the back of adequate stocks position on increased arrivals from producing belts in the physical markets against lower demand, mainly weighed on wheat prices at futures trade.

Similarly, wheat for delivery in September weakened by a rupee, or 0.05 percent, to Rs 2,021 per quintal in 3,090 lots.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)