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Wheat prices continued to move down and fell by 0.22 per cent to Rs 1,187.60 per quintal at the futures trade today as speculators offloaded positions since the country is estimated to have a record output this crop year.
Adequate stocks at the spot market amid sluggish demand from flour mills also kept pressure on the 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. Similarly, April contract also declined by Rs 1.20 or 0.1 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 futures prices here.
Meanwhile, wheat production is estimated to be at a record high of 84.27 million tonnes this crop year.
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