Wheat yesterday settled flat on adequate supply in the spot markets. India produced a record 85.93 million tonnes of wheat in 2011 against a previous estimate of 84.27 million tonnes, the farm ministry said. Indian farmers grow only one wheat crop a year, with plantings in September and October, and harvests from March. Wheat output in India, the world's second-biggest producer, was at 80.8 million tonnes in 2010. In Delhi wheat prices gained 3.75 rupee to end at 1200 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1199 after opening at 1202.4, and finally settled at 1204.2. For today's session market is looking to take support at 1199.1, a break below could see a test of 1194.1 and where as resistance is now likely to be seen at 1209.1, a move above could see prices testing 1214.1.

Trading Ideas:

Wheat trading range is 1194.1-1214.1.

Wheat yesterday settled flat on adequate supply in the spot markets

Wheat is having resistance at 1209.10 and support at 1199.10 level.

NCDEX accredited warehouses wheat stocks rose by 251 tonnes to 41833 tonnes.

In Delhi wheat prices gained3.75 rupee to end at 1200 rupees per 10 kg.