Wheat yesterday traded with the negative node and settled -0.12% down at 1357 due to expectations of strong production prospects in the current rabi season due to favourable weather conditions in producing regions. The government has estimated a 82 million tonnes of wheat production this year.

Last year, wheat production was at 80.17 million tonnes. In Delhi wheat prices dropped -0.25 rupee to end at 1337.5 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1356.2 after opening at 1357, and finally settled at 1357. For today's session market is looking to take support at 1355.1, a break below could see a test of 1353.3 and where as resistance is now likely to be seen at 1359.9, a move above could see prices testing 1362.9.

Trading Ideas: Wheat trading range is 1353.5-1363.1. Wheat ended weak due to expectations of strong production prospects in the current rabi season. Wheat is having resistance at 1360.30 and support at 1355.50 level. The government has estimated a 82 million tonnes of wheat production this year. In Delhi wheat prices dropped-0.25 rupee to end at 1337.5 rupees per 10 kg.