Wheat down 0.25% intraday

Reports of rising procurement in the rabi marketing season weighed on prices

Wheat futures prices today fell by Rs 3, or 0.25%, to Rs 1,183 per quintal, as speculators reduced their positions amid reports of rising procurement of grain in the ongoing rabi marketing season.

At the National Commodity and Derivatives Exchange, wheat for delivery in May traded Rs 3, or 0.25% lower, at Rs 1,183 per quintal, with an open interest of 20,020 lots.

The June contract shed Rs 2, or 0.17%, to Rs 1,207 per quintal, with an open interest of 16,100 lots.

Analysts said the fall in wheat prices at futures trade was due to reducing of positions by speculators as procurement of grain by the government agencies picked up.