Wheat yesterday traded with the positive node and settled 0.25% up at 1592 on account of the Government's move to step up exports from its over-flowing reserves. Poor prospects for supply from other export powerhouses such as Russia and Ukraine are also seen as catalysts. The wheat crop in both Russia and Ukraine has suffered severe damage this summer and Russia may have to import. This will fuel demand for Indian wheat. India Wheat exports could reach 3 million tons from government stocks in 2013, as per reports. Since April the country had sold 1 million tons of wheat. Traders expect wheat shipments from India to rise on a potent combination of dry weather in the United States and drought in the Black Sea region. The recent spike in global wheat prices has encouraged the Government to open up exports and it has resumed talks with potential buyers such as Iran. Exports of wheat by India, the world's second-largest producer, could reach 3 million tonnes from government stocks in 2013, an official of a state-run trading firm said, adding that the country had sold 1 million tonnes since April. In Delhi wheat prices gained 0.4 rupee to end at 1580 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1584 after opening at 1584, and finally settled at 1592. For today's session market is looking to take support at 1579, a break below could see a test of 1566 and where as resistance is now likely to be seen at 1610, a move above could see prices testing 1628.

Trading Ideas:

Wheat  trading range for the day is 5152-5214.

Wheat ended higher on account of the Government's move to step up exports from its over-flowing reserves.

Wheat crop in both Russia and Ukraine has suffered severe damage this summer and Russia may have to import

NCDEX accredited warehouses wheat stocks gained by 99 tonnes to 3767 tonnes.

In Delhi wheat prices gained 0.4 rupee to end at 1580 rupees per 10 kg.