Wheat futures shed 0.72% on hopes of higher production

Wheat prices fell by 0.72 per cent to Rs 1,218.80 per quintal today on expectations of higher production.

At the National Commodity and Derivatives Exchange (NCDEX), wheat for delivery in March lost Rs 8.80, or 0.72 per cent, to Rs 1,218.80 per quintal, with an open interest of 4,540 lots.
Likewise, wheat for delivery in April fell by Rs 6.40, or 0.55 per cent, to Rs 1,166 per quintal, with an open interest of 10,550 lots. 

Analysts said prospects of higher output due to favourable weather conditions in producing regions and wheat harvesting, which is expected to commence in the third week of this month, mainly weighed down on the grain prices at futures trade here.

(Source: http://www.business-standard.com/india/news/wheat-futures-shed-072hopeshigher-production/128362/on)