Wheat futures remain weak on record output

New Delhi, Apr 7 (PTI) Wheat prices continued to move down and fell by 0.22 per cent to Rs 1,187.60 per quintal at futures trade today as speculators off-loaded positions since the country is estimated to have a record output this crop year.

Adequate stocks at the spot markets amid sluggish demand from flour mills also kept pressure on wheat prices.

At the National Commodity and Derivatives Exchange, wheat for delivery in May fell by Rs 2.60, or 0.22 per cent, to Rs 1,187.60 per quintal, with an open interest of 30,130 lots.

The wheat for delivery in April also declined by Rs 1.20, or 0.10 per cent, to Rs 1,174 per quintal, with an open interest of 7,630 lots.

Analysts said besides adequate stocks in the market due to rising supplies, estimate of higher output this crop year also weighed down on the wheat futures prices here.

Meanwhile, wheat production is estimated to be at record high of 84.27 million tonnes this crop year.

(Source: http://in.news.yahoo.com/wheat-futures-remain-weak-record-output-20110406-225700-119.html)