Wheat futures shed 0.57%

Wheat fell by 0.57 per cent to Rs 1,391 per quintal today weighed down on offloading of stocks by speculators amid hopes of higher production. 

At the National Commodity and Derivatives Exchange (NCDEX), wheat for January contract lost Rs 8, or 0.57 per cent to Rs 1,391 per quintal, with an open interest of 3,660 lots.

The wheat for delivery in February also faced some pressure and traded Rs 3.40, or 0.20 per cent down at Rs 1,367.60 per quintal, with an open interest of 5,170 lots.

Analysts said higher production prospects due to favourable weather conditions in producing regions -- Haryana and Punjab -- and weak trend at the spot market weighed on the wheat futures prices here.