Wheat futures extend slide, down 0.94%

Wheat prices drifted further down by 0.94 per cent to Rs 1,692 per quintal in futures market today as speculators engaged in reducing their holdings, driven by adequate stocks position at the spot market on higher supplies.

At the National Commodity and Derivatives Exchange, wheat for delivery in April fell by Rs 16, or 0.94 per cent to Rs 1,692 per quintal with an open interest of 1,650 lots.

Likewise, the wheat for delivery in May shed Rs 7, or 0.41 per cent to Rs 1,704 per quintal in 190 lots.

Market analysts said offloading of positions by traders, triggered by sufficient stocks position on increased arrivals from producing belts in the physical market, mainly kept wheat prices lower at futures trade.


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