Wheat yesterday traded with the positive node and settled 0.95% up at 1163 on short covering after prices dropped in last some sessions due to higher production concerns in the next crop year. India had around 19.9 million tonnes of Wheat in government warehouses on April 1, nearly five times the official target of 4.0 million tonnes for the quarter ending June 30, government sources said last month. India has exported only about 830,000 tonnes of Wheat since September when the government freed up exports. The estimated output is higher than the 86.87 million tonnes produced in the previous year. India, the world's second biggest producer, consumes about 76 million tonnes of wheat a year. India had around 19.9 million tonnes of Wheat in government warehouses on April 1, nearly five times the official target of 4.0 million tonnes for the quarter ending June 30, government sources said last month. India has exported only about 830,000 tonnes of Wheat since September when the government freed up exports. The estimated output is higher than the 86.87 million tonnes produced in the previous year. In Delhi wheat prices gained 1.65 rupee to end at 1236.65 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1153 after opening at 1157, and finally settled at 1163. For today's session market is looking to take support at 1154.7, a break below could see a test of 1146.3 and where as resistance is now likely to be seen at 1169.7, a move above could see prices testing 1176.3.

Trading Ideas:

Wheat  trading range for the day is 1146-1176.

Wheat ended with gains on short covering after prices dropped due to higher production concerns

The estimated output is higher than the 86.87 million tonnes produced in the previous year.

India has exported only about 830,000 tonnes of Wheat since September when the government freed up exports.

In Delhi wheat prices gained 1.65 rupee to end at 1236.65 rupees per 10 kg.