Wheat futures remain weak on higher supply

NEW DELHI, July 11:Wheat prices further fell by 0.86 per cent to Rs 1,850 per quintal in futures trading today as speculators engaged in trimming positions, triggered by ample stocks in the spot market on increased supplies.
At the National Commodity and Derivatives Exchange, wheat for delivery in July fell by Rs 16, or 0.86 per cent, to Rs 1,850 per quintal with an open interest of 1,810 lots.
Similarly, wheat for delivery in August edged lower by Re 1, or 0.05 per cent, to Rs 1,886 per quintal in 7,650 lots.
Market analysts said cutting down of positions by traders on the back of adequate stocks position on increased arrivals from producing belts in the physical markets against lower demand, kept wheat prices down at futures trade. (PTI)