Wheat prices settled flat after procurement touched a record 35 million tonne so far in the current marketing season on the back of record production. According to official data, wheat procurement till June 10 this year is already more than the total purchases made in the 2011-2012 crop marketing season that runs from April to March, while rice purchases are already more than the norm. Till last week, government had purchased almost 36 mt of wheat from farmers for the central pool, 28 per cent more than the total procurement of 2011-2012.Meanwhile, total wheat purchase in this marketing season (April-June) has already surpassed the government's target of 31.8 million tonne. Despite significant drop in daily arrival of wheat in major producing centres of Punjab and Haryana, the procurement has touched a record level of 35. 73 million tonnes. The happiness, however, is wiped out by the inadequate storage capacity of the government. In Delhi wheat prices gained 4.6 rupee to end at 1221.85 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1167 after opening at 1168, and finally settled at 1169. For today's session market is looking to take support at 1167.3, a break below could see a test of 1165.7 and where as resistance is now likely to be seen at 1170.3, a move above could see prices testing 1171.7.

Trading Ideas:

Wheat  trading range for the day is 1166-1172.

Wheat prices ended lower after procurement touched a record 35 mln tns so far on the back of record production.

Government had purchased almost 36 mt of wheat from farmers for the central pool

Despite significant drop in daily arrival in Punjab and Haryana, the procurement has touched a record level of 35. 73 mln tns.

In Delhi wheat prices gained 4.6 rupee to end at 1221.85 rupees per 10 kg.