Wheat yesterday traded with the negative node and settled -0.33% down at 1204 in the wake of strong supply situation along with fragile export demand in the current year. As per the latest release from Government, the total wheat procurement by the Government for the current rabi marketing season is likely to gain by 12.5 % to a record levels of 31.89 million tonnes against 28.34 million tonnes in the last year. This is mainly on the account of strong production trend in the current year. The Ministry of Agriculture is expecting the total production in the range 88-89 million tonnes in the current year. Moreover, sluggish export demand might also add some selling in domestic market. As per latest data compiled by Government of India, India has exported only 5 lakh tonnes of wheat so far against the total permission of around 2 million tonnes. In Delhi wheat prices dropped -0.55 rupee to end at 1246.1 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1202 after opening at 1206, and finally settled at 1204. For today's session market is looking to take support at 1200, a break below could see a test of 1196 and where as resistance is now likely to be seen at 1210, a move above could see prices testing 1216.

Trading Ideas:

Wheat trading range for the day is 1196-1216.

Wheat ended with weak node in the wake of strong supply situation along with fragile export demand

The total wheat procurement for the current rabi marketing season is likely to gain by 12.5 %

The Ministry of Agriculture is expecting the total production in the range 88-89 million tonnes in the current year

In Delhi wheat prices dropped -0.55 rupee to end at 1246.1 rupees per 10 kg.