Ample stocks drag wheat futures lower by 0.48 per cent

New Delhi: Wheat prices moved down by 0.48 per cent to Rs 1,857 per quintal in futures market today as traders reduced their exposures, triggered by sufficient stocks position at the spot market against sluggish demand.

At the National Commodity and Derivatives Exchange, wheat for delivery in January month declined by Rs 9, or 0.48 per cent to Rs 1,857 per quintal with an open interest of 3,540 lots.

However, the wheat for delivery in February contracts held steady at Rs 1,873 per quintal in 2,880 lots.

Analysts said offloading of positions by participants amid ample stocks in the physical market against muted demand from flour mills, mainly led to decline in wheat prices at futures trade.