Wheat prices fell by 0.49% to Rs 1,178 per quintal today due to offloading of stocks by speculators amid rising arrivals of the new crop in the markets.
At the National Commodity and Derivatives Exchange, wheat for delivery in May lost Rs 5.80, or 0.49%, to Rs 1,178 per quintal, with an open interest of 32,430 lots.
Similarly, the wheat for delivery in April traded Rs 4.60, or 0.39%, lower at Rs 1,165 per quintal, with an open interest of 8,130 lots.
It had closed 0.3% higher at Rs 1,169.60 per quintal in yesterday's trade.
Analysts attributed the fall in wheat futures prices to 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 and Haryana.
