Wheat down 0.6% in trade on supply pressure

Wheat prices fell by 0.55% to Rs 1,261 per quintal today as speculators reduced their positions amid increased supplies from the new season crop.

At the National Commodity and Derivatives Exchange, the May contract moved down by Rs 7, or 0.55%, to Rs 1,261 per quintal, with an open interest of 10,480 lots.

The April contract lost Rs 4, or 0.32%, to Rs 1,239 per quintal, with an open interest of 7,400 lots.

Analysts said off-loading of positions by speculators on increased arrivals of the new season crop from northern states such as Haryana and Punjab, and higher stocks with the government agencies, put pressure on the grain prices at futures trade here