Wheat futures trade lower by 1.26 pc on subdued demand

New Delhi: Wheat prices moved down by 1.26 per cent to Rs 1,729 per quintal in futures trade today as speculators trimmed positions amid tepid demand from flour mills in the spot market against adequate stocks position.

At the National Commodity and Derivatives Exchange, wheat for delivery in October month declined by Rs 22, or 1.26 per cent to Rs 1,729 per quintal with an open interest of 13,490 lots.

Likewise, the wheat for delivery in November contract was trading lower by Rs 20, or 1.13 per cent to Rs 1,743 per quintal in 980 lots.

Analysts attributed the fall in wheat futures to sluggish demand from flour mills in the spot market against ample stocks position. The government reduced import duty on wheat to 10 per cent from 25 per cent.