Wheat futures down on record output hopes

New Delhi, Apr 11 (PTI) Wheat prices went down by 0.56 per cent to Rs 1,411 per quintal in futures trade today as speculators indulged in reducing their positions amid hopes of a record output this year.

Besides higher supplies from new crop from some producing regions in the physical market, reduced demand from flour mills also kept pressure on the wheat prices at futures trade here.

At the National Commodity and Derivatives Exchange, wheat for delivery in June fell by Rs 8, or 0.56 per cent, to Rs 1,411 per quintal, with an open interest of 11,530 lots.

Likewise, the wheat for delivery in May shed Rs 5, or 0.36 per cent, to Rs 1,402 per quintal, with an open interest of 15,800 lots.

Marketmen attributed the fall in wheat futures to increased supplies in the spot market amid reports that the country''s wheat production is likely to touch a new record this year due to better yields in some growing states.

Meanwhile, India''s wheat production is expected to surpass last year''s record 94.88 million tonne.