Wheat futures slip 0.38% on higher supply

Wheat prices softened by 0.38 per cent to Rs 1,838 per quintal in futures market today as speculators reduced holdings, triggered by adequate stocks position at spot markets on increased supplies.

At the National Commodity and Derivatives Exchange, wheat for delivery in July fell by Rs 7, or 0.38 per cent, to Rs 1,838 per quintal with an open interest of 2,650 lots.

Likewise, the wheat for delivery in June contracts shed Rs 4, or 0.22 per cent to Rs 1,819 per quintal in 7,780 lots.

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

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