Wheat futures decline on record procurement
Wheat futures prices declined marginally by 0.11% to Rs 1,232.80 per quintal today as speculators reduced their positions after record procurement of the grain by the government.
At the National Commodity and Derivatives Exchange, wheat for September delivery declined by Rs 1.40, or 0.11%, to Rs 1,232.80 per quintal, with an open interest of 2,580 lots.
Similarly, wheat for August delivery shed Rs 1.20, or 0.10%, to Rs 1,214 per quintal, with a business turnover of 7,010 lots.
Analysts said reports of record procurement of wheat by the government, coupled with an all-time high production of the rabi crop amid fall in spot market demand from flour mills put pressure on grains' prices in futures trade.
Meanwhile, wheat procurement in the country has broken a record with 26.43 million tonnes purchases so far.