Wheat yesterday traded with the positive node and settled 1.46% up at 1376. Global wheat production prospects in 2011-12 appear bright with the possibility of a 3 per cent expansion in planted area. The U.S. Agriculture Department said Friday that export sales of wheat totaled 1.05 million metric tons last week. It's the highest level since August, when Russia banned wheat exports after a drought devastated much of its crop. In Delhi wheat prices dropped -5 rupee to end at 1337.5 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1355.4 after opening at 1357, and finally settled at 1376. For today's session market is looking to take support at 1360.3, a break below could see a test of 1344.5 and where as resistance is now likely to be seen at 1386.9, a move above could see prices testing 1397.7.

Trading Ideas:

Wheat trading range is 1344.7-1397.9.

Wheat yesterday traded with the positive node and settled 1.46% up

Wheat is having resistance at 1386.90 and support at 1360.30 level.

Global wheat production prospects in 2011-12 appear bright with possibility of 3% expansion in planted area

BUY WHEAT FEB @ 1372 SL 1368.50 TGT 1375-1379-1384.NCDEX

In Delhi wheat prices dropped-5 rupee to end at 1337.5 rupees per 10 kg.