Wheat futures decline on record procurement

Wheat declined by 0.13% in futures trade today as speculators reduced their positions amid supply pressure, following a record procurement by the government.

At the National Commodity and Derivatives Exchange, wheat for August delivery declined by Rs 1.60, or 0.13%, to Rs 1,203 per quintal, with an open interest of 20,860 lots.

Similarly, wheat for September delivery shed 80 paise, or 0.07%, to Rs 1,229.80 per quintal, with a business turnover of 6,520 lots.

Market analysts said reports of record wheat procurement by the government following an all-time high production of the rabi crop amid fall in the spot market demand from flour mills, mainly led to a fall in wheat prices in futures trade.