Wheat yesterday traded with the positive node and settled 2.32% up at 1412 on the back of firm export demand. 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. 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. Wheat procurement has crossed 38 million tonnes in the current marketing year so far as the government's wheat purchase drive is coming to close in the most of growing states. The Food Corporation of India (FCI) and state governments-owned bodies have procured 380,23,024 tonnes of wheat so far this year. 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. In Delhi wheat prices gained 29.6 rupee to end at 1308.35 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1381 after opening at 1382, and finally settled at 1412. For today's session market is looking to take support at 1389.7, a break below could see a test of 1367.3 and where as resistance is now likely to be seen at 1425.7, a move above could see prices testing 1439.3.
Wheat trading range for the day is 1367-1439.
Wheat gained as traders created fresh positions on the back of firm export demand.
India has kicked off Wheat exports from government stocks with an offer of 240,000 tonnes
FCI and state governments-owned bodies have procured 380,23,024 tonnes of wheat so far this year.
In Delhi wheat prices gained 29.6 rupee to end at 1308.35 rupees per 10 kg.
BUY WHEAT AUG @ 1405 SL 1395 TGT 1415-1430.NCDEX