Wheat futures weaken by 0.10% on adequate stocks

NEW DELHI, July 31: Wheat prices eased by 0.10 per cent to Rs 1,990 per quintal in futures trade today as speculators cut down holdings, triggered by ample stocks in the spot market against subdued demand.
At the National Commodity and Derivatives Exchange, wheat for delivery in September shed Rs 2, or 0.10 per cent, to Rs 1,990 per quintal with an open interest of 2,300 lots.
However, wheat for delivery in October contracts held steady at Rs 2,010 per quintal in 100 lots.
Market analysts said offloading of positions by traders on the back of sufficient stocks position on increased arrivals from producing belts in the physical markets against low demand, weighed on wheat prices in futures trade. (PTI)