Wheat yesterday traded with the negative node and settled -0.58% down at 1382 on profit booking tracking weak spot demand. India sold only 79 percent of government wheat stocks offered in a first round of tenders, sources said, deciding against awarding one of the tenders after judging bids too low at a time that global prices are soaring. India, the world's second-biggest wheat producer, aims to sell 2 million tonnes overseas from government warehouses to avoid rot as it sits on huge stockpiles of winter-sown wheat and rice from previous harvests. On Aug. 1, government stocks amounted to 47.5 million tonnes, much higher than a target of 17.1 million for the current quarter. The government lifted its four-year ban on wheat exports in September, but private shipments from the South Asian nation have picked up only in recent weeks as the rally in global prices and a weaker rupee made its wheat competitive. In Delhi wheat prices dropped -7.25 rupee to end at 1394.55 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1372 after opening at 1385, and finally settled at 1382. For today's session market is looking to take support at 1372.3, a break below could see a test of 1362.7 and where as resistance is now likely to be seen at 1391.3, a move above could see prices testing 1400.7.

Trading Ideas:

Wheat  trading range for the day is 1363-1401.

Wheat ended lower on profit booking tracking weak spot demand.

India sold only 79 percent of government wheat stocks offered in a first round of tenders

India aims to sell 2mln tns overseas from government warehouses to avoid rot as it sits on huge stockpiles

In Delhi wheat prices dropped -7.25 rupee to end at 1394.55 rupees per 10 kg.