Wheat futures down on better production hopes

In range-bound trade, wheat futures fell marginally by 0.22 per cent at Rs 1,353.20 per quintal today, as speculators reduced their positions on higher output expectations.

At the National Commodity and Derivatives Exchange, wheat for delivery in February fell by Rs 3, or 0.22 per cent, to Rs 1,353.20 per quintal, with a business turnover of 5,540 lots. 

The wheat for delivery in March also edged lower by Rs 2.60, or 0.20 per cent, to Rs 1,287 per quintal, with an open interest of 4,640 lots.

Market analysts attributed weakness in wheat at futures market to expectations of strong production prospects in the current rabi season due to favourable weather conditions in producing regions.