Wheat prices fell by 0.88 per cent to 1,150 rupees per quintal on Monday as speculators indulged in reducing their positions, driven by rising arrivals of the new crop in the markets.

Weak trend at the spot markets due to subdued demand from flour mills also kept pressure on the wheat futures prices in New Delhi. At the National Commodity and Derivatives Exchange, wheat for delivery in current month lost 10.20 rupees, or 0.88 per cent, to 1,150.20 rupees per quintal, with an open interest of 8,470 lots.

Similarly, the wheat for delivery in May traded 7.80 rupees, or 0.67 per cent, lower at 1,161 rupees per quintal, with an open interest of 28,630 lots.

Meanwhile, arrivals have started in Madhya Pradesh and Gujarat, while supplies are start from Punjab as well.