Wheat settled flat on account of weak export demand along with weak demand by flour millers at higher levels. The government warehouse has got 40.4 million tonnes (MT) of wheat stocks, a decline of 4.7% as compared to month of July, reflecting still overflowing grain silos. In order to run welfare programmes and to provide cheap grains to the poor, the country needs to maintain wheat stocks of 17.1 MT for the first quarter of the new crop year from July 01. The Indian government is hoping to get backing soon from parliament for its $22 billion welfare scheme to give cheap food to millions of people. Persisting good rainfall activities are expected to boost India's wheat production this year. India's wheat production is expected to fall 92.46 mn tons from its previous estimates of 93.62 mn tons as a result of unfavourable weather conditions in key wheat growing areas of Haryana and Madhya Pradesh, as per government estimates. Higher than expected projections on world wheat production also pressurize the commodity movement in the global market. Persisting good monsoon rains are expected to support wheat crop this year. Technically market is under fresh selling as market has witnessed remains unchanged at in open interest by 1.72% to settled at 7090 while prices remain unchange0 rupee, now Wheat is getting support at 1573 and below same could see a test of 1566 level, And resistance is now likely to be seen at 1588, a move above could see prices testing 1596.

Trading Ideas:

Wheat trading range for the day is 1566-1596.

Wheat settled flat on account of weak export demand along with weak demand by flour millers at higher levels.

The government warehouse has got 40.4 million tonnes (MT) of wheat stocks, a decline of 4.7%

Persisting good rainfall activities are expected to boost India's wheat production this year.

In Delhi wheat prices remains unchanged at0 rupee to end at 1568.75 rupees per 10 kg.