Wheat futures prices declined by Rs 7 to Rs 1,183 per quintal on Friday as speculators reduced their positions after government achieved the procurement target of record 26 million tonnes.
Besides, fall in demand from flour mills at the spot market amid adequate stocks also kept pressure on the wheat prices at futures trade.
At the National Commodity and Derivatives Exchange, wheat for June delivery declined by Rs 7, or 0.59 per cent, to Rs 1,183 per quintal, with an open interest of 28,170 lots.
Similarly, wheat for July delivery shed Rs 6.20, or 0.51 per cent, to Rs 1,206 per quintal, with a business turnover of 17,410 lots.
Analysts attributed the fall in wheat futures prices to reports that the government has achieved the procurement target of record 26 million tonnes so far, helped by an all-time high production of the rabi crop.