Wheat futures remain weak, shed 0.54% on higher supply

Falling for the second straight day, wheat prices eased further by 0.54 per cent to Rs 1,851 per quintal in futures trading today as speculators engaged in reducing their positions amid sufficient stocks at spot market.

At the National Commodity and Derivatives Exchange, wheat for delivery in February fell by Rs 10, or 0.54 per cent to Rs 1,851 per quintal with an open interest of 4,910 lots.

However, wheat for delivery in March contracts held steady at Rs 1,756 per quintal in 1110 lots.

Analysts said reducing of positions by traders, driven by ample stocks position in the physical market against tepid demand from flour mills, mainly kept wheat prices lower at futures trade.