Commodity Trading Tips for Wheat by KediaCommodity

WheatWheat yesterday traded with the negative node and settled -0.8% down at 1365.4 triggered by strong prospects of current year's rabi crop. Export demand for U.S. wheat is likely to remain firm as production woes have led to tighter supplies of higher-protein wheat. The total wheat production of Punjab may go up from 151.69 lakh tonnes last year to 154 lakh tonnes in 2011 in Punjab and Haryana might witness 114.6 lakh tonnes in 2011 from 114.6 lakh tonnes in the last year. In Delhi wheat prices gained 3.45 rupee to end at 1340.95 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1360.6 after opening at 1372, and finally settled at 1365.4. For today's session market is looking to take support at 1359.6, a break below could see a test of 1353.8 and where as resistance is now likely to be seen at 1372.2, a move above could see prices testing 1379.

Trading Ideas:

Wheat trading range is 1353.9-1379.1.

Wheat ended down triggered by strong prospects of current year's rabi crop

Wheat is having resistance at 1372.20 and support at 1359.60 level.

Export demand for U.S. wheat is likely to remain firm as production woes have led to tighter supplies

In Delhi wheat prices gained3.45 rupee to end at 1340.95 rupees per 10 kg.