Wheat yesterday traded with the negative node and settled -0.51% down at 1377 on speculation that a rebound in global output will reduce demand for supplies. With wheat harvesting getting delayed because of untimely rains and low temperature, wheat purchases for central pool could not take place in Punjab and Haryana on April 1, which is the first day of rabi marketing season 2013-14. Wheat harvesting in Punjab and Haryana is expected to pick up after mid of April as crop has still not ripened in view of untimely rain lashing the various parts of northern region last week and unexpectedly low temperature. Key wheat growing states of Punjab and Haryana are eyeing all-time high crop buying of 227.30 lakh tonnes, up by 5 per cent over last season’s purchase. Haryana has made arrangement for procuring 87.30 lakh tonnes for the central pool in the coming season. A record 87.16 lakh tonnes was procured last season from Haryana. World wheat output will climb 4.3 percent to 690 million metric tons, about 10 million tons short of the all-time high set two years ago, according to the United Nations estimates. In Delhi wheat prices dropped -9.1 rupee to end at 1546.9 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1377 after opening at 1386, and finally settled at 1377. For today's session market is looking to take support at 1374, a break below could see a test of 1371 and where as resistance is now likely to be seen at 1383, a move above could see prices testing 1389.

Trading Ideas:

Wheat  trading range for the day is 1371-1389.

Wheat ended with losses on speculation that a rebound in global output will reduce demand for supplies.

Wheat procurement has not started yet in Punjab as crop harvesting has delayed.

Haryana has made arrangement for procuring 87.30 lakh tonnes for the central pool in the coming season.

In Delhi wheat prices dropped -9.1 rupee to end at 1546.9 rupees per 10 kg.