Wheat yesterday traded with the positive node and settled 2.18% up at 1545 on buying support tracking firmness in spot market demand. The favourable monsoon precipitation in September in most of northern and central India has improved soil moisture conditions, replenished water tables, and augmented water levels of irrigation reservoirs, providing favorable planting conditions for the new wheat crop starting the third week of October. However, Ministry of Agriculture has set the 2013 wheat production target at 86 million tons against the record harvest of 93.9 million tons this year. India's state-owned trading firm MMTC Ltd has floated a tender to export 35,000 tonnes of wheat for shipments between Nov. 10 and Dec. 10, a company statement said. The last date for submission of bids is Oct. 25 and the bids will be valid until Nov. 1. The MMTC has offered to sell wheat from Pipavav port on the west coast. State-run trading firms have been floating export tenders to ship out wheat from overflowing government warehouses. In Delhi wheat prices gained 66.35 rupee to end at 1560.85 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1515 after opening at 1516, and finally settled at 1545. For today's session market is looking to take support at 1522, a break below could see a test of 1499 and where as resistance is now likely to be seen at 1561, a move above could see prices testing 1577.

Trading Ideas:

Wheat  trading range for the day is 1499-1577.

Wheat ended higher on buying support tracking firmness in spot market demand.

Favourable monsoon precipitation in September in most of northern and central India has improved soil moisture conditions

India's state-owned trading firm MMTC Ltd has floated a tender to export 35,000 tonnes of wheat for shipments

In Delhi wheat prices gained 66.35 rupee to end at 1560.85 rupees per 10 kg.