Wheat declined by 0.36% in futures trade today amid record procurement by the government.
At the National Commodity and Derivatives Exchange, wheat for June delivery declined by Rs 4.20, or 0.36%, to Rs 1,170 per quintal, with an open interest of 16,520 lots.
Similarly, wheat for July delivery shed Rs 4.20, or 0.35%, to Rs 1,193 per quintal, with a business turnover of 23,060 lots.
Market analysts said reports of record wheat procurement by the government, coupled with an all-time high production of the rabi crop amid fall in the spot market demand from flour mills put pressure on wheat prices in futures trade.
Meanwhile, wheat procurement in the country broke a record with 26.43 million tonne purchased so far.
