Wheat yesterday traded with the negative node and settled -0.91% down at 1352.4 as increased supplies against reduced offtake by flour mills, led to fall in wheat prices.

China’s largest wheat-growing region, Henan province has thus far received 86% less rain than average in the 2010-11 growing season, as rainfall in December totaled the lowest amount since 1953. In Delhi wheat prices dropped -22.1 rupee to end at 1343.75 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1352.4 after opening at 1362, and finally settled at 1352.4. For today's session market is looking to take support at 1346.3, a break below could see a test of 1340.1 and where as resistance is now likely to be seen at 1364.7, a move above could see prices testing 1376.9.

Trading Ideas:

Wheat trading range is 1341.5-1378.3.

Wheat ended weak as increased supplies against reduced offtake by flour mills weighed

Wheat is having resistance at 1364.70 and support at 1346.30 level.

China’s Henan province has thus far received 86% less rain than average in 2010-11 growing season

SELL WHEAT FEB @ 1365 SL 1370 TGT 1361.20-1358.50-1354.NCDEX

In Delhi wheat prices dropped-3.75 rupee to end at 1362.1 rupees per 10 kg.