Wheat yesterday traded with the positive node and settled 0.06% up at 1309 on forecasts of drier weather in rain-soaked major producer Australia. The U.S. Department of Agriculture last week raised its forecast for U.S. wheat carry-over stocks for 2010-11 as well as global supplies. In Delhi wheat prices gained 0.7 rupee to end at 1301.6 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1306 after opening at 1307.8, and finally settled at 1309. For today's session market is looking to take support at 1307, a break below could see a test of 1305 and where as resistance is now likely to be seen at 1310, a move above could see prices testing 1311.

Trading Ideas:

Wheat trading range is 1304.8-1310.8.

Wheat ended flat on forecasts of drier weather in rain-soaked major producer Australia

Wheat is having resistance at 1313.60 and support at 1305.20 level.

USDA last week raised its forecast for U.S. wheat carry-over stocks for 2010-11 as well as global supplies

In Delhi wheat prices gained0.7 rupee to end at 1301.6 rupees per 10 kg.