Wheat prices fell by 1.27 per cent to Rs 1,481 per quintal in futures trade today as participants trimmed positions amidst higher supplies in the spot markets from producing belts.
Besides, reduced offtake by flour mills weighed on wheat prices.
In futures trading at the National Commodity and Derivatives Exchange, wheat for delivery in July fell by Rs 19, or 1.27 per cent, to Rs 1,481 per quintal with an open interest of 2,280 lots.
Likewise, grains for delivery in August eased by Rs 10, or 0.66 per cent, to Rs 1,509 per quintal in 27,320 lots.
Meanwhile, the government's wheat procurement in 2015-16 marketing season has surpassed last year's level of 28 million tonnes.
The Food Corporation of India (FCI) had set the wheat procurement target of 30 million tonnes for this season.
Wheat procurement begins from April.
Market analysts said offloading of positions by traders on the back of adequate supplies from producing region against reduced offtake by flour mills in the spot market mainly pulled down wheat prices at futures trade.
