Wheat futures down 0.38 pc on adequate supply

NEW DELHI: Wheat prices fell by Rs 6, or 0.38 per cent to Rs 1,586 per quintal in futures trade today on speculators selling on expectations of an increase in supplies.

At the National Commodity and Derivatives Exchange, wheat for delivery in December fell by Rs 6, or 0.38 per cent, to Rs 1,586 per quintal, with an open interest of 22,930 lots.

Likewise, the wheat for delivery in November lost Rs 4, or 0.25 per cent, to Rs 1,589 per quintal, with an open interest of 9,750 lots.

Marketmen attributed the fall in wheat futures to reducing of positions by speculators on expectations of increased supplies in the spot market as the government decided to sell the grain from its warehouse to bulk users at lower rates.