Wheat futures down 0.34% on increased supply

NEW DELHI: Wheat futures prices today fell by Rs 4, or 0.34 per cent, to Rs 1,184 per quintal, as speculators reduced their positions following increased supplies in the spot markets amid procurement of grain in the ongoing rabi marketing season, amid slackened demand from flour mills.

Slackened demand from flour mills also put pressure on wheat futures prices here.

At the National Commodity and Derivatives Exchange, wheat for delivery in May traded Rs 4, or 0.34 per cent lower, at Rs 1,184 per quintal, with an open interest of 22,310 lots.

Similarly, wheat for delivery in June shed Rs 4, or 0.33 per cent, to Rs 1,200 per quintal, with an open interest of 14,830 lots.

Analysts said the fall in wheat prices at futures trade was due to off-loading of positions by speculators following fresh arrivals in the spot markets on rising procurement of grain by the government agencies.