Ample stocks drag down wheat futures by 0.69%


Wheat prices fell by 0.69 per cent to Rs 1,723 per quintal in futures trading today as speculators cut down holdings, triggered by adequate stocks at spot markets on increased supplies.

At the National Commodity and Derivatives Exchange, wheat for delivery in June fell by Rs 12, or 0.69 per cent to Rs 1,723 per quintal with an open interest of 280 lots.

In a similar fashion, the wheat for delivery in May shed Rs 6, or 0.35 per cent to Rs 1,708 per quintal in 2,970 lots.

Market analysts said offloading of positions by traders, driven by sufficient stock position on increased arrivals from producing belts in the physical markets against low demand, led to decline in wheat prices at futures trade.


Readers choice: TOP-5 articles of the month by UkrAgroConsult