Amid record procurement by government agencies and ample stocks in the market, wheat declined further at futures trade today and fell by Rs 11 to Rs 1,177 per quintal.
At National Commodity and Derivatives Exchange, wheat for delivery in August lost Rs 11, or 0.93%, to Rs 1,177 per quintal, with an open interest of 7,520 lots.
The July contract shed Rs 9, or 0.77%, to Rs 1,156 per quintal, with an open interest of 17,630 lots.
Analysts said the decline in wheat futures prices was due to supply pressure in the spot markets as procurement of grain reached a record 36.55 million tonne this year so far.
The total wheat purchase in this marketing season (April-June) has already surpassed the government's target of 31.8 million tonne.
