Wheat yesterday traded with the positive node and settled 4.02% up at 1345 on strong spot demand along with firm export demand. India has allowed 2 million tonnes of Wheat exports from government warehouses as part of a strategy to trim bulging stocks to avoid the grains getting rotten. India lifted a ban on wheat exports in September but shipments from the South Asian nation have picked up in recent weeks as a rally in global prices and a weaker currency made Indian Wheat competitive in the world market. India, the world's second-biggest wheat producer, is struggling to trim bulging stockpile that have filled up its storage facilities after the bumper harvests of recent years. Grain stocks in Indian government warehouses stood at a record 82.4 million tonnes on June 1 although there was storage space only for 63 million tonnes, forcing authorities to store the surplus in the open. In Delhi wheat prices gained 11.5 rupee to end at 1236.9 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1290 after opening at 1292, and finally settled at 1345. For today's session market is looking to take support at 1308.3, a break below could see a test of 1271.7 and where as resistance is now likely to be seen at 1363.3, a move above could see prices testing 1381.7.
Wheat trading range for the day is 1272-1382.
Wheat rose on strong spot demand along with firm export demand.
India is struggling to trim bulging stockpile that have filled up its storage facilities after the bumper harvests
Grain stocks in Indian government warehouses stood at a record 82.4 million tonnes
In Delhi wheat prices gained 11.5 rupee to end at 1236.9 rupees per 10 kg.
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