Wheat down 0.34% on increased supply

Wheat futures prices today fell by Rs 4, or 0.34%, to Rs 1,184 per quintal, as speculators reduced their positions following increased supplies in the spot markets amid procurement of grain in the ongoing rabi marketing season.

Demand from flour mills also slackened today, pushing prices lower.

At the National Commodity and Derivatives Exchange, wheat for delivery in May traded Rs 4, or 0.34% lower, at Rs 1,184 per quintal, with an open interest of 22,310 lots.

The June contract shed Rs 4, or 0.33%, to Rs 1,200 per quintal, with an open interest of 14,830 lots.