Wheat futures soften by 0.24 pc on ample stocks

Wheat prices drifted lower by 0.24 per cent to Rs 1,669 per quintal in futures market today as speculators reduced their holdings amid sufficient stocks at the spot market on increased supplies.

At the National Commodity and Derivatives Exchange, wheat for delivery in February fell by Rs 4, or 0.24 per cent, to Rs 1,669 per quintal with an open interest of 5,010 lots.

Likewise, the wheat for delivery in March shed Rs 3, or 0.18 per cent, to Rs 1,700 per quintal in 1,760 lots.

Analysts said offloading of positions by traders, driven by adequate stocks position on increased arrivals from producing belts at the physical market against low demand, mainly weighed on wheat prices at futures trade.

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

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