Wheat yesterday traded with the positive node and settled 0.05% up at 1225.4. The total wheat procurement in Punjab and Haryana has crossed more than 175 lakh tonnes of wheat till Tuesday despite of delayed arrivals at the beginning of the new marketing season. The total arrivals of both these states were recorded at 175.45 lakh tonnes as on 17th May 2011, up almost 9.15 lakh tonnes from the last year in the same period. In Delhi wheat prices gained 6 rupee to end at 1192.5 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1222.2 after opening at 1225.2, and finally settled at 1225.4. For today's session market is looking to take support at 1221.8, a break below could see a test of 1218.2 and where as resistance is now likely to be seen at 1229.4, a move above could see prices testing 1233.4.

Trading Ideas:

Wheat trading range is 1218.2-1233.4.

The total wheat procurement in Punjab and Haryana has crossed more than 175 lakh tonnes

Wheat is having resistance at 1229.40 and support at 1221.80 level.

NCDEX accredited warehouses wheat stocks rose by 502 tonnes to 4416 tonnes.

In Delhi wheat prices gained6 rupee to end at 1192.5 rupees per 10 kg.