Wheat yesterday traded with the negative node and settled -0.5% down at 1235. The government said any continuation of the current drizzle beyond a few days may delay wheat harvesting which is expected to commence in the third week of this month. In Delhi wheat prices dropped -9.65 rupee to end at 1319.3 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1230 after opening at 1235, and finally settled at 1235. For today's session market is looking to take support at 1229.1, a break below could see a test of 1223.1 and where as resistance is now likely to be seen at 1241.9, a move above could see prices testing 1248.7.

Trading Ideas:

Wheat trading range is 1222.9-1248.5.

Wheat yesterday traded with the negative node and settled -0.5% down

Wheat is having resistance at 1241.90 and support at 1229.10 level.

Spread between Wheat MAR & APR contracts yesterday traded in the range of -52.6 to -42.8.

In Delhi wheat prices dropped-9.65 rupee to end at 1319.3 rupees per 10 kg.