Wheat futures soften by 0.20% on ample stocks

NEW DELHI, Aug 13: Wheat prices moved down by 0.20 per cent to Rs 1,986 per quintal in futures trade today as speculators cut down holdings, triggered by adequate stocks position on higher supplies in the spot market against low demand.
At the National Commodity and Derivatives Exchange, wheat for delivery in September was trading lower by Rs 4, or 0.20 per cent, to Rs 1,986 per quintal with an open interest of 3,700 lots.
Market analysts said reducing of positions by traders on the back of sufficient stocks position on increased supplies from producing belts in the physical markets against lower demand, weighed on wheat prices in futures trade. (PTI)