Wheat yesterday traded with the negative node and settled -0.21% down at 1450 due to lack of cues from spot demand. Only 40 tonnes of dara variety arrived from Uttar Pradesh and the stocks were directly offloaded at the mills.  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. There is not much movement in wheat prices though a surge in farm commodities due to patchy rains supported by the recent rally in global prices pushed it up.  Government stocks were at 49.8 million tonnes, much higher than the target of 17.1 million for the current quarter. The government procurement agency, FCI has increased the wheat's open sale price by Rs 100 per quintal from the last night due to sturdy domestic prices. As per official sources, the prices of wheat are being sold to bulk consumers by 10 % higher to Rs 1,285 a quintal. Moreover, fragile sowing progress of coarse cereals such as bajra, ragi and jawar might also divert the feed demand towards wheat market. As per latest release from Ministry of Agriculture, the area under coarse cereals like bajra, ragi and jowar is reduced by 23 % at 11.74 million hectare on 27th July as against 15.18 million hectare in the year-ago period. In yesterday's trading session Wheat has touched the low of 1445 after opening at 1450, and finally settled at 1450. For today's session market is looking to take support at 1443.7, a break below could see a test of 1437.3 and where as resistance is now likely to be seen at 1457.7, a move above could see prices testing 1465.3.

Trading Ideas:

Wheat  trading range for the day is 1437-1465.

Wheat yesterday traded with the negative node due to lack of cues from spot demand.

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

FCI has increased the wheat's open sale price by Rs 100 per quintal due to sturdy domestic prices

In Delhi wheat prices gained 10 rupee to end at 1400 rupees per 10 kg.