Wheat yesterday traded with the positive node and settled 0.9% up at 1578 as weak arrivals of wheat in local markets and strong demand of private millers at higher levels has positively impacted wheat prices. The overall wheat supplies for current years is expected to be around 80-85 million tons. As per latest official data, Indian procurement agencies have procured 24.30 million tonnes of wheat. Data revealed that wheat procurement in Punjab reached 10.40 million tonne in the ongoing rabi marketing season. While other states such as Haryana and Madhya Pradesh reported 5.90 and 5.80 million tonnes respectively in the current season. According to International Grains Council, global wheat harvest is likely to hit 680 million tons in 2013-14, up 2.25% from 655 million tons in 2012-13, led by gains in the European Union and the former Soviet Union on increased planting and better yields. Global ending stocks are seen advancing to 181 million tons from 179 million tons. India's wheat procurement for 2013-14 marketing year (which is started on April 1) may decline to 26-28 mn tons, a fall of 10-12 mn tons when compared to the last year. However, the figures are less than expected sum of 44 mn tons. In Delhi wheat prices gained 31.5 rupee to end at 1563.5 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1566 after opening at 1569, and finally settled at 1578. For today's session market is looking to take support at 1563.7, a break below could see a test of 1549.3 and where as resistance is now likely to be seen at 1594.7, a move above could see prices testing 1611.3.

Trading Ideas:

Wheat  trading range for the day is 1549-1611.

Wheat ended with gains as weak arrivals of wheat in local markets and strong demand of private millers at higher levels supported.

The overall wheat supplies for current years is expected to be around 80-85 million tons.

NCDEX accredited warehouses wheat stocks gained by 442 tonnes to 5859 tonnes.

In Delhi wheat prices gained 31.5 rupee to end at 1563.5 rupees per 10 kg.