Wheat futures remain weak, slide 0.31% on higher supply

Wheat prices eased further by 0.31 per cent to Rs 1,600 per quintal in futures trade today as traders indulged in reducing their positions, driven by sufficient stocks at spot market against low demand.

At the National Commodity and Derivatives Exchange, wheat for delivery in June declined by Rs 5, or 0.31 per cent, to Rs 1,600 per quintal, with an open interest of 19,490 lots.

Similarly, the wheat for delivery in June moved down by Rs 4, or 0.25 per cent, to Rs 1,625 per quintal in 8,620 lots.

Analysts said offloading of positions by participants, triggered by ample stocks position on higher supplies from producing regions in the physical market against subdued demand from flour mills mainly kept pressure on wheat prices at futures trade.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)