Wheat yesterday traded with the negative node and settled -0.34% down at 1454 on higher supplies in the market and hopes of a bumper crop this season mainly triggered the downtrend. India's wheat output could slip about 3 percent in the crop year to June 2013 from a record 95 million tonnes, the farm ministry said, but traders say the decline will not deter the government from exporting grain from its bulging inventories. India, the world's second-biggest producer of wheat after China, is expected to produce 92.3 million tonnes of the grain this crop year, exceeding annual consumption of around 76 million tonnes for the sixth year in a row. India also has huge stocks of wheat, estimated at 30.8 million tonnes on Feb. 1 and nearly four times its target, thanks to years of bumper harvests. The wheat harvest may decline to 92.3 million metric tons in the year ending June 30 from a record 94.9 million tons. That would be the first drop since 2004-2005. The rice crop may fall 3.3 percent to 101.8 million tons from 105.3 million tons, while total food grains production will slide 3.5 percent to 250.1 million tons from 259.3 million. In Delhi wheat prices gained 2.95 rupee to end at 1589.6 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1450 after opening at 1460, and finally settled at 1454. For today's session market is looking to take support at 1447.7, a break below could see a test of 1441.3 and where as resistance is now likely to be seen at 1462.7, a move above could see prices testing 1471.3.

Trading Ideas:

Wheat  trading range for the day is 1441-1471.

Wheat ended with losses on higher supplies in the market and hopes of a bumper crop this season

India's wheat output could slip about 3 percent in the crop year to June 2013 from a record 95 million tonnes

India also has huge stocks of wheat, estimated at 30.8 million tonnes and nearly four times its target

In Delhi wheat prices gained 2.95 rupee to end at 1589.6 rupees per 10 kg.