Wheat yesterday traded with the negative node and settled -0.9% down at 1128 as pressure seen from EGoM meet on wheat exports postponed, likely to be scheduled next week. The ministers will meet to discuss the lifting of the four-year ban on wheat exports and also to allow more than two million tonnes of non-basmati rice shipment. Besides, the food ministry has reportedly recommended allowing exports of 50,000 tonnes each on two varieties of rice such as Ponni and Matta. When probed, food minister K V Thomas refused to divulge any detail but said that his ministry had taken some stand. Wheat arrivals in India, the world's second-biggest grower, begin in March and peak by mid-April, but were delayed this year. Only one wheat crop is grown in India in a year, with planting in October and harvesting in March-April. In Delhi wheat prices gained 0.85 rupee to end at 1148.35 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1125 after opening at 1136.8, and finally settled at 1128. For today's session market is looking to take support at 1122.7, a break below could see a test of 1117.3 and where as resistance is now likely to be seen at 1135.7, a move above could see prices testing 1143.3.

Trading Ideas:

Wheat trading range is 1117.3-1143.3.

Wheat settled weak as pressure seen from EGoM meet on wheat exports postponed

Wheat arrivals in India begin in March and peak by mid-April, but were delayed this year

NCDEX accredited warehouses wheat stocks dropped by 2821 tonnes to 43332 tonnes.

In Delhi wheat prices gained0.85 rupee to end at 1148.35 rupees per 10 kg.