India's wheat futures down on good supplies

Wheat futures in India fell by Rs3.80, or 0.31%, to trade at Rs1,229.40 per quintal, as traders reduced their positions, triggered by government's decision to release five lakh tonnes of grain in the open market.

Adequate stocks in spot markets on increased arrivals also kept pressure on the wheat prices in futures trade.

At the National Commodity and Derivatives Exchange counter, wheat for delivery in current-month July contract fell by Rs3.80, or 0.31%, to Rs1,229.40 per quintal, with an open interest of 18,370 lots.

Likewise, the delivery of August contract also drifted by Rs3.60, or 0.29%, to Rs1,251 per quintal, with an open interest of 13,560 lots. It fell by 0.69% to Rs1,249.20 per quintal.

Market analysts said apart from adequate stocks in the spot market, government's decision to release five million tonnes of grain in the open market, put pressure on the wheat prices at futures market here.