Wheat prices fell by 0.88% to Rs 1,150 a quintal today as speculators indulged in reducing their positions, driven by rising arrivals of the new crop in the markets.
Weak trends at the spot markets due to subdued demand from flour mills kept the pressure on wheat futures prices here.
At the National Commodity and Derivatives Exchange, wheat for delivery in the current month lost Rs 10.20, or 0.88%, to Rs 1,150.20 per quintal, with an open interest of 8,470 lots.
May wheat traded 0.67% lower at Rs 1,161 per quintal, with an open interest of 28,630 lots.
Analysts attributed the fall in wheat futures prices to adequate stocks in the spot markets following rising arrivals of the newly harvested crop in the markets.
Meanwhile, arrivals have started in Madhya Pradesh and Gujarat, while supplies would start from Punjab.