Wheat yesterday traded with the positive node and settled 0.25% up at 1181 on the heels of waning sowing progress in major producing states. India's Dec 1 wheat stocks at government warehouses were 27.6 million tonnes, substantially higher than a target set for the quarter of 11.0 million tonnes, government sources said. India harvests only one wheat crop a year while the new season rice harvest begins in October, bumping up stocks which are then drawn on for distribution in government welfare schemes. As per latest data release by Ministry of Agriculture, the total sowing acreage of wheat rabi crop was reported at 76.67 lakh hectares as on 18th November 2011, down 10.72% from the last year in the same period. This was mainly due to weak sowing in major producing states such as Haryana and Punjab. In Delhi wheat prices gained 6.95 rupee to end at 1187.15 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1174 after opening at 1179, and finally settled at 1181. For today's session market is looking to take support at 1174.3, a break below could see a test of 1167.7 and where as resistance is now likely to be seen at 1187.3, a move above could see prices testing 1193.7.

Trading Ideas:

Wheat trading range is 1167.7-1193.7.

Wheat gained on the heels of waning sowing progress in major producing states

India's Dec 1 wheat stocks at government warehouses were 27.6 million tonnes

The total sowing acreage of wheat rabi crop was reported at 76.67 lakh hectares

In Delhi wheat prices gained6.95 rupee to end at 1187.15 rupees per 10 kg.