Wheat prices fell by over one per cent today, extending yesterday’s losses, as traders engaged in reducing their positions, driven by adequate stocks in the spot markets on arrival of the new crop.
At the National Commodity and Derivatives Exchange, wheat for delivery in June lost Rs 13, or 1.08 per cent to Rs 1,188 a quintal, with an open interest of 5,440 lots.
Similarly, wheat for delivery in April traded at Rs 7.60 or 0.66 per cent lower at Rs 1,151 a quintal, with an open interest of 8,100 lots.
Meanwhile, at the spot markets in the National Capital, wheat dara, mostly consumed by millers, fell by Rs 30 to Rs 1,260-1,265 a quintal.
Analysts attributed the persistent fall in prices to adequate stocks on the back of increasing arrival of the newly harvested crop in the markets.
Meanwhile, arrivals have started in Madhya Pradesh and Gujarat, while supplies would start from Punjab and Haryana.
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