Wheat settled down -0.19% at 1583 owing to lack of fresh cues of demand. There seems no wheat export opportunity from India as of now due to higher prices despite of weak rupee. 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. Persisting good rainfall activities are expected to boost India's wheat production this year. Government of India decided to sale 10 mn tons of wheat and 500,000 tons of rice from government inventories in the open market. Wheat inventories in the country stood around 44 mn tons, more than double of the government's minimum requirement. As per the latest release from the Food Corporation of India (FCI) , the agency has procured around 24 million tonnes of wheat from all the producing states, down almost 17 % from the corresponding period last year the. Traders estimated that India's overall procurement is expected to be around 25-26 million tonnes against the initial target of 44 million tonnes. As per the latest release from the United States Department of Agriculture (USDA), the total global production of wheat in 2013-14 is projected higher by 7.58 million tonnes from the last month to report at 705.38 million tonnes. Technically market is under fresh selling as market has witnessed fell in open interest by 16.19% to settled at 9760 while prices down -3 rupee, now Wheat is getting support at 1581 and below same could see a test of 1578 level, And resistance is now likely to be seen at 1588, a move above could see prices testing 1592.

Trading Ideas:

Wheat trading range for the day is 1580-1594.

Wheat traded sideways with negative trend owing to lack of fresh cues of demand.

India's wheat production is expected to fall 92.46 mn tons from its previous estimates of 93.62 mn tons

NCDEX accredited warehouses wheat stocks dropped by 179 tonnes to 15218 tonnes.