Wheat futures remained under pressure and traded 1.56 per cent lower at Rs 1,233.40 per quintal, as speculators reduced their positions, driven by hopes of better output.
At the National Commodity and Derivatives Exchange (NCDEX), wheat for delivery in April contract traded Rs 19.60, or 1.56 per cent down at Rs 1,233.40 per quintal, with an open interest of 10,420 lots.
Similarly, the wheat for delivery in February also edged lower by Rs 9.40, or 0.68 per cent, to Rs 1,367 per quintal having an open interest of 5,620 lots.
While delivery in March contract shed Rs 1.40, or 0.11 per cent to Rs 1,304.80 per quintal, with an open interest of 3,140 lots.
Analysts said hopes of higher production due to favourable weather conditions in key producing states of Haryana and Punjab and subdued demand from flour mills at the spot market, kept pressure on the wheat futures prices at the NCDEX.