NCDEX wheat down as harvest season nears, supply up.

Futures contracts of wheat fell nearly 1% onthe NCDEX as the harvesting season is coming up, while supplies from the last crop are already high. Wheat harvesting in Madhya Pradesh, the second largest producer, starts by the end of February and fresh supplies are expected to start pouring in by the beginning of March. This will create supply pressure in an already inundated market.