NCDEX wheat down 1% as demand weak, supply seen high.

Wheat futures on the NCDEX fell 1% as demand remained weak while supplies are seen rising when harvesting begins in March. The sentiment in wheat market is bearish as demand is very weak and hopes of import duty hike are also dying down. While supplies from the last season are already high, next crop is round the corner and there are concerns of a supply glut when harvesting starts