Wheat yesterday traded with the negative node and settled -0.53% down at 1495 tracking weakness in spot market demand on higher output estimates. According to Ministry of Agriculture, wheat sowing in India has been marginally down by 1.45% at 272.79 lakh ha against 276.81 lakh ha last year. However, this lower figure would not affect the production quantity of wheat as acreage is reported to be higher in major wheat growing belts of Punjab, Haryana, Uttar Pradesh and others. According to State Agriculture Department, sowing in Punjab is expected to be ahead of the target of 35 lakh ha. Also, around 95% of target area has been sown in Haryana. On the spot markets, limited wheat demand by bulk buyers put pressure on the wheat prices. India government has raised exports of wheat by 2.5 million tons and this exports are expected to reduce further fall in the prices of wheat. In Delhi wheat prices gained 1.75 rupee to end at 1575.15 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1494 after opening at 1500, and finally settled at 1495. For today's session market is looking to take support at 1490.3, a break below could see a test of 1485.7 and where as resistance is now likely to be seen at 1503.3, a move above could see prices testing 1511.7.

Trading Ideas:

Wheat trading range for the day is 1486-1512.

Wheat ended lower tracking weakness in spot market demand on higher output estimates.

Wheat sowing in India has been marginally down by 1.45% at 272.79 lakh ha against 276.81 lakh ha last year.

Sowing in Punjab is expected to be ahead of the target of 35 lakh ha.

In Delhi wheat prices gained 1.75 rupee to end at 1575.15 rupees per 10 kg.