Wheat yesterday traded with the positive node and settled 0.44% up at 1151 but overall seems to be trading under pressure as pressure seen following record production and lack of demand. Wheat procurement in the country has crossed the mark of 370 lakh tonne in the current rabi marketing season so far. Moreover, the total wheat procurement has stood at 371, 97,161 tonne by the various Government agencies up to now while, while procurement on the day of previous rabi Season was 275, 04,417 tonne. Punjab has led the procurement by 128,26,540 tonne wheat followed by Haryana 86,65,380 tonne and Madhya Pradesh 84,92,820 tonne . Uttar Pradesh has also procured significant quantity i. e 45, 46,593 tonne. Notably, Punjab and Haryana have fixed procurement target of 185 lakh tonnes in current marketing season 2012-13. Punjab has projected wheat output of 156 lakh tonnes with an area of 35.15 lakh hectares while Haryana aims at production of 118.61 lakh tonnes, having an area of 25.05 lakh hectares. Wheat output in India, the world’s second largest producer, is estimated at a record 88.31 million tonnes in the
2011-12 crop year (July-June). The government expects that figure could cross 90 million tonnes. India could export up to 3 million tonnes of wheat to Iran if supplies are requested, Food Minister K. V. Thomas said, as India seeks to reduce huge wheat stocks and help settle payment for a large oil import bill. In Delhi wheat prices dropped -0.20 rupee to end at 1213.55 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1142 after opening at 1142, and finally settled at 1151. For today's session market is looking to take support at 1143.67, a break below could see a test of 1136.33 and where as resistance is now likely to be seen at 1156.67, a move above could see prices testing 1162.33.
Wheat trading range for the day is 1136-1162.
Wheat settled up by 0.44% despite of record production and lack of demand.
Wheat procurement in the country has crossed the mark of 370 lakh tn in the current rabi marketing season so far.
The government expects that figure could cross 90 million tonnes.
In Delhi wheat prices dropped -0.2 rupee to end at 1213.55 rupees per 10 kg.
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