Wheat prices fell by Rs 37 to Rs 1,551 per quintal in futures trade today on selling by speculators, driven by a weak spot market trend after adequate supplies.
The government's decision to sell 6.5 million tonne of wheat to bulk consumers and to offload surplus stocks in the physical market influenced the sentiment.
At the National Commodity and Derivatives Exchange, wheat for delivery in December fell by Rs 37, or 2.33%, to Rs 1,551 per quintal, with an open interest of 20,300 lots.
November wheat lost Rs 21, or 1.30%, to Rs 1,596 per quintal, with an open interest of 7,100 lots.
Marketmen attributed the sharp fall in wheat futures to increased supplies in the spot market.