Wheat yesterday traded with the negative node and settled -0.09% down at 1164 due to steady sowing progress in major producing states along with waning export demand. As per market sources , wheat sowing acreage has gained momentum in major producing areas such as Uttar Pradesh and Madhya Pradesh after the delay of more than two or three weeks. Agriculture Board suggested that almost 43% of the total targeted area. Moreover, sluggish export demand of wheat due to higher prices of wheat in domestic market also discouraged the exporters demand at current year. Wheat production in Haryana is likely to achieve the target set for rabi 2011-12 due to favourable weather condition in the major growing areas of the states. As per latest update Haryana Agriculture Board, weather is cool and congenial for the favourable growth of wheat in the state. In Delhi wheat prices dropped -6.25 rupee to end at 1181.25 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1161 after opening at 1165, and finally settled at 1164. For today's session market is looking to take support at 1161.7, a break below could see a test of 1159.3 and where as resistance is now likely to be seen at 1165.7, a move above could see prices testing 1167.3.

Trading Ideas:

Wheat trading range is 1159.3-1167.3.

Wheat plunged due to steady sowing progress in major producing states along with waning export demand

Wheat sowing acreage has gained momentum after the delay of more than two or three weeks

Wheat production in Haryana is likely to achieve target set for rabi 2011-12 due to favourable weather condition

In Delhi wheat prices dropped -6.25 rupee to end at 1181.25 rupees per 10 kg.