Wheat prices fell by over one% today, extending yesterday's losses, as traders engaged in reducing their positions, driven by adequate stocks in the spot markets on arrival of the new crop.
At the National Commodity and Derivatives Exchange, wheat for delivery in June lost Rs 13, or 1.08%, to Rs 1,188 per quintal, with an open interest of 5,440 lots.
Similarly, the wheat for delivery in April traded Rs 7.60, or 0.66%, lower at Rs 1,151 per quintal, with an open interest of 8,100 lots.
Meanwhile, at spot markets in the national capital, wheat dara, mostly consumed by millers, fell by Rs 30 to Rs 1,260-1,265 per quintal.
Analysts attributed the persistent fall in wheat futures prices to adequate stocks on the back of increasing arrival 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.
