Wheat prices fell by 0.44% to Rs 1,591 per quintal in futures trade today as speculators trimmed their positions, triggered by reports of a likely record output this year.
Besides, higher supplies in the physical market also kept pressure on the wheat prices at futures trade here.
At the National Commodity and Derivatives Exchange, the January contract fell by Rs 7, or 0.44%, to Rs 1,591 per quintal, with an open interest of 12,230 lots.
The December contract lost Rs 5, or 0.31%, to Rs 1,594 per quintal, with an open interest of 22,080 lots.
Marketmen attributed the fall in wheat futures to increased supplies in the spot market amid reports that the country's wheat production is likely to touch a new record this year as improved soil moisture due to late monsoon rains and early winter would boost crop prospects.
Meanwhile, wheat production stood at a record 93.90 million tonnes in the 2011-12 crop year (July-June).