Wheat settled flat as arrivals rise in the market due to the new season harvest. India's wheat production is expected to fall 92.46 mn tons from its previous estimates of 93.62 mn tons as a result of unfavourable weather conditions in key wheat growing areas of Haryana and Madhya Pradesh, as per government estimates. As per the latest release from the Food Corporation of India (FCI) , the agency has procured around 24 million tonnes of wheat from all the producing states, down almost 17 % from the corresponding period last year the. Traders estimated that India's overall procurement is expected to be around 25-26 million tonnes against the initial target of 44 million tonnes. Government of India decided to sale 10 mn tons of wheat and 500,000 tons of rice from government inventories in the open market. Wheat inventories in the country stood around 44 mn tons, more than double of the government's minimum requirement. Persisting good monsoon rainfall is expected to support higher crop output this year. Technically market is under fresh selling as market has witnessed fell in open interest by 2.87% to settled at 9690 while prices down -2 rupee, now Wheat is getting support at 1593 and below same could see a test of 1589 level, And resistance is now likely to be seen at 1600, a move above could see prices testing 1603.

Trading Ideas:

Wheat trading range for the day is 533-533.

Wheat settled flat as arrivals rise in the market due to the new season harvest.

India's wheat production is expected to fall 92.46 mn tons from its previous estimates of 93.62 mn tons

NCDEX accredited warehouses wheat stocks dropped by 52 tonnes to 12871 tonnes.