Wheat ended with weak node on profit-taking, following the recent rally in its prices and on fears that further rise in its prices could attract government intervention. 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, as it tries to makes space in overflowing warehouses for the next harvest. Government stocks were at 49.8 million tonnes, much higher than a target of 17.1 million for the current quarter. India, the world's second-biggest rice and wheat producer, has been facing storage problems due to record harvests in recent years. Last year, it allowed wheat export after a gap of four years to trim its bulging stocks but due to low prices in the overseas market, India was able to ship only one million tonnes of wheat. 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. In Delhi wheat prices dropped -3.65 rupee to end at 1331.35 rupees per 10 kg.

Trading Ideas:

Wheat trading range for the day is 1367-1419.

Wheat dropped on profit-taking and on fears that further rise in its prices could attract government intervention.

Government stocks were at 49.8 mln tns, much higher than a target of 17.1 million for the current quarter.

NCDEX accredited warehouses wheat stocks dropped by 20 tonnes to 4720 tonnes.

In Delhi wheat prices dropped -3.65 rupee to end at 1331.35 rupees per 10 kg.