Wheat yesterday traded with the negative node and settled -3.39% down at 1368 as traders are reluctant to buy at higher levels. India stands to benefit from higher global wheat prices currently if it manages to seal deals through its three tenders, issued just days after the country's cabinet approved export of 2 million tonnes of wheat. India lifted a four-year ban on wheat exports in September, but private shipments from the South Asian nation have picked up only in recent weeks after a rally in global prices and a weaker rupee made Indian wheat competitive in the world market. The government's wheat stocks were 49.8 million tonnes on July 1, much higher than a target of 17.1 million for the current quarter. India's state-run trading firm MMTC has tendered to export 35,000 tonnes of wheat from the government warehouses located in the western coast. As per market sources , government is planning to impose ban on wheat exports by private millers in the near term as domestic prices augmented by almost 20% in the last one month. In Delhi wheat prices dropped -0.95 rupee to end at 1401.8 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1364 after opening at 1413, and finally settled at 1368. For today's session market is looking to take support at 1346.7, a break below could see a test of 1325.3 and where as resistance is now likely to be seen at 1406.7, a move above could see prices testing 1445.3.

Trading Ideas:

Wheat  trading range for the day is 1325-1445.

Wheat ended lower as traders are reluctant to buy at higher levels.

The government's wheat stocks were 49.8 million tonnes much higher than a target of 17.1 million

MMTC has tendered to export 35,000 tonnes of wheat from the government warehouses located in western coast

In Delhi wheat prices dropped -0.95 rupee to end at 1401.8 rupees per 10 kg.