Wheat yesterday traded with the negative node and settled -0.06% down at 1290 tracking weakness in spot demand. India grows only one wheat crop a year, with planting in October and harvesting during March-April. In Delhi wheat prices dropped -4 rupee to end at 1287.5 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1286 after opening at 1292.8, and finally settled at 1290. For today's session market is looking to take support at 1286.4, a break below could see a test of 1282.8 and where as resistance is now likely to be seen at 1293.2, a move above could see prices testing 1296.4.

Trading Ideas:

Wheat trading range is 1282.5-1296.1.

Wheat settled weak tracking weakness in spot demand

Wheat is having resistance at 1293.2 and support at 1286.4 level.

NCDEX accredited warehouses wheat stocks fell 9 tonnes to 4337 tonnes.

In Delhi wheat prices dropped-4 rupee to end at 1287.5 rupees per 10 kg.