Wheat yesterday traded with the positive node and settled 0.16% up at 1355.2 as dry weather in China and the United States renews concerns about global supplies and rising food prices. Stockpiles have been affected by weather problems for months. Now China's key wheat-growing province is facing its worst drought in at least 40 years. In Delhi wheat prices dropped -1.15 rupee to end at 1337 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1350 after opening at 1350, and finally settled at 1355.2. For today's session market is looking to take support at 1350.5, a break below could see a test of 1345.9 and where as resistance is now likely to be seen at 1359.3, a move above could see prices testing 1363.5.

Trading Ideas:

Wheat trading range is 1346.2-1363.8.

Wheat gained  as dry weather in China and U.S renews concerns about global supplies.

Wheat is having resistance at 1359.30 and support at 1350.50 level.

Spread between Wheat FEB & MAR contracts traded in the range of -68 to -61.6.

WHEAT SOME MORE LIQUIDATION CAN BE SEEN TILL SUPPORT AT 1345 LEVEL.

In Delhi wheat prices dropped-1.15 rupee to end at 1337 rupees per 10 kg.