Wheat futures fall 1.97% on ample stocks

NEW DELHI, Jan 1: Wheat prices slipped 1.97 per cent to Rs 1,643 per quintal in futures trading today as speculators cut exposure on account of sufficient stocks in spot markets on higher supplies.

At the National Commodity and Derivatives Exchange, wheat for delivery in January fell Rs 33, or 1.97 per cent, to Rs 1,643 per quintal with an open interest of 6,740 lots.

Likewise, wheat for delivery in February contracts was trading lower by Rs 32, or 1.87 per cent, at Rs 1,676 per quintal in 2,270 lots.

Market analysts said offloading of positions by traders, driven by adequate stocks on increased arrivals from producing belts in the physical market against low demand weighed on prices. (PTI)