Wheat yesterday traded with the positive node and settled 0.54% up at 1308.6 on speculation global supplies will be curbed as drought damaged crops in China, and Middle Eastern and North African nations bought grain to tackle food inflation. The total sowing acreage of wheat reported at 291.80 lakh hectares against 283.24 lakh hectares of the last year on 04th, February 2011. India's wheat production is estimated at 81.47 million tonnes in 2010-11 crop year, up almost 1% from the last year. In Delhi wheat prices dropped -6.05 rupee to end at 1325.6 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1300.8 after opening at 1300.8, and finally settled at 1308.6. For today's session market is looking to take support at 1302.7, a break below could see a test of 1296.9 and where as resistance is now likely to be seen at 1312.5, a move above could see prices testing 1316.5.

Trading Ideas:

Wheat trading range is 1296.3-1315.9.

Wheat gained on speculation global supplies will be curbed as drought damaged crops in China

Wheat is having resistance at 1312.50 and support at 1302.70 level.

The total sowing acreage of wheat reported at 291.80 lakh hectares on 04th, February 2011.

In Delhi wheat prices dropped-6.05 rupee to end at 1325.6 rupees per 10 kg.