Wheat yesterday traded with the negative node and settled -0.21% down at 1515 due to weak global demand along with fresh supplies in local mandies. As per the latest monthly report release by the United States Department of Agriculture (USDA ), the global wheat consumption at 672.53 million tonnes in April 2013, down 1.17 million tonnes from last month due to lower feed and residual use. World wheat feed and residual use are lowered 5.2 million tonnes with much of the decline resulting from a 3.0-million-ton reduction in China. World wheat ending stocks for 2012/13 are projected higher by 4 million tonnes this month at 182.70 million tonnes. Higher projected ending stocks are projected in North Africa, EU-27, Iran, and the United States. Moreover, fresh supplies of around 5-7 lakh bags were seen in the major producing states of Gujarat, Madhya Pradesh and Rajasthan. Wheat procurement in Punjab reached 43.26 lakh tonne in the ongoing rabi marketing season. Out of the total procurement, government procurement agencies procured 43.05 lakh tonne whereas private traders procured 21,728 tonnes of wheat. In Delhi wheat prices gained 4.8 rupee to end at 1483 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1502 after opening at 1516, and finally settled at 1515. For today's session market is looking to take support at 1501.3, a break below could see a test of 1487.7 and where as resistance is now likely to be seen at 1529.3, a move above could see prices testing 1543.7.

Trading Ideas:

Wheat  trading range for the day is 1488-1544.

Wheat dropped due to weak global demand along with fresh supplies in local mandies.

World wheat ending stocks for 2012/13 are projected higher by 4 million tonnes this month at 182.70 million tonnes.

Fresh supplies of around 5-7 lakh bags were seen in the major producing states of Gujarat, Madhya Pradesh and Rajasthan.

In Delhi wheat prices gained 4.8 rupee to end at 1483 rupees per 10 kg.