Wheat yesterday traded with the negative node and settled -1.76% down at 1561 on profit booking after prices gained on strong consumer demand amid on expected increase in shipments following a ban announced by Ukraine, a major exporter. Sources expect wheat prices to decline after mid-November on pressure from the expectations of a record output for a third straight year. Demand for wheat products rises in festivals as families prepare special dishes and sweets for get-togethers. An expected increase in global wheat prices following the ban on shipments announced by Ukraine could boost demand for Indian wheat and it could keep prices firm in local markets. India is currently offering wheat for export from government stocks, which are overflowing after several bumper harvests. Wheat stocks with state-run Indian agencies as on Oct. 1 stood at 43.15 million tonnes, nearly four times the usual 11 million tonnes. In Delhi wheat prices dropped -15.6 rupee to end at 1602.5 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1542 after opening at 1590, and finally settled at 1561. For today's session market is looking to take support at 1538.7, a break below could see a test of 1516.3 and where as resistance is now likely to be seen at 1586.7, a move above could see prices testing 1612.3.

Trading Ideas:

Wheat  trading range for the day is 1516-1612.

Wheat dropped on profit booking after prices gained on strong consumer demand

Sources expect wheat prices to decline after mid-November on pressure from the expectations of a record output

Demand for wheat products rises in festivals as families prepare special dishes and sweets for get-togethers.

In Delhi wheat prices dropped -15.6 rupee to end at 1602.5 rupees per 10 kg.