Wheat yesterday traded with the negative node and settled -1.78% down at 1381 on profit booking though firm export demand prevailed in the markets could limit the downtrend. Indian government has offered around 2.40 lakh tonnes for exports with the price range of $ 265-270 per tonne at ports. Sources suggested that South Korea already purchased around 1.50 lakh tonnes from government. India has kicked off wheat exports from government stocks with an offer of 240,000 tonnes, which would be the first such sale in at least four years. India, the world's second-biggest wheat producer, has been struggling to manage bulging stockpiles built up during bumper harvests since 2007. China accounting for most of the reduction wheat supplies for 2012/13 is reduced 5.1 million tonnes with lower world production more than offsetting a 1.6-million-tonnes increase in beginning stocks. USDA estimated that global ending stocks for 2012/13 are projected 3.3 million tonnes lower at 182.4 million tonnes. These are mainly on the account of 10-12% decline in total stocks in India and China. In Delhi wheat prices dropped -29.55 rupee to end at 1280 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1372 after opening at 1390, and finally settled at 1381. For today's session market is looking to take support at 1361.3, a break below could see a test of 1341.7 and where as resistance is now likely to be seen at 1411.3, a move above could see prices testing 1441.7.

Trading Ideas:

Wheat trading range for the day is 1342-1442.

Wheat fell on profit booking though firm export demand prevailed in the markets could limit the downtrend.

Indian government has offered around 2.40 lakh tonnes for exports with the price range of $ 265-270 per tonne at ports

NCDEX accredited warehouses wheat stocks dropped by 20 tonnes to 5877 tonnes.

In Delhi wheat prices dropped -29.55 rupee to end at 1280 rupees per 10 kg.