Wheat yesterday traded with the positive node and settled 0.71% up at 1559 due to possibility of lower production in the current year along with weak arrivals in local mandies. The Agriculture department has set the 2013 wheat production target at 86 million tonnes against the record harvest of 93.9 million tonnes this year. Government is trying to promote the cultivators to shift area under wheat towards less irrigation- crops, like pulses, corn and other coarse grains.  Russia to export up to 15 million tons of wheat during the 2012/13 marketing year. The export is almost half the volume that shipped in previous year due to poor harvest. Russia has already exported 7.5 million tons of grain from the start of the marketing season. The Agriculture department has set the 2013 wheat production target at 86 million tonnes against the record harvest of 93.9 million tonnes this year. Government is trying to promote the cultivators to shift area under wheat towards less irrigation- crops, like pulses, corn and other coarse grains. In Delhi wheat prices gained 45.5 rupee to end at 1606.35 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1546 after opening at 1554, and finally settled at 1559. For today's session market is looking to take support at 1547, a break below could see a test of 1535 and where as resistance is now likely to be seen at 1570, a move above could see prices testing 1581.

Trading Ideas:

Wheat  trading range for the day is 1535-1581.

Wheat gains due to possibility of lower production in the current year along with weak arrivals in local mandies

The Agriculture department has set the 2013 wheat production target at 86 million tonnes

Russia to export up to 15 million tons of wheat during the 2012/13 marketing year.

In Delhi wheat prices gained 45.5 rupee to end at 1606.35 rupees per 10 kg.