Wheat yesterday traded with the positive node and settled 0.14% up at 1463 on some buying support after prices dropped yesterday due to an expected rise in supplies, softening global prices and a stronger rupee. Traders are expecting a higher allocation of wheat from government warehouses during the October-November period, and this is weighing on prices. Wheat prices are also falling on fears that softening overseas prices and the surge in the rupee against the dollar could cut demand for exports from India. Heavy rains in September in northern India have raised the prospects of more sowing for the winter season and conditions are favourable for a bumper wheat crop for the third straight year. Indian farm minister Sharad Pawar urged farmers to take advantage of the late rains and plant their crops early. India's estimated total grain output for the year may fall by 3.3 percent to 249 million tonnes, but the production of rice, wheat, corn and other cereals would still be more than the demand, Pawar said. In Delhi wheat prices dropped -13.35 rupee to end at 1478.75 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1444 after opening at 1463, and finally settled at 1463. For today's session market is looking to take support at 1445.3, a break below could see a test of 1427.7 and where as resistance is now likely to be seen at 1479.3, a move above could see prices testing 1495.7.

Trading Ideas:

Wheat  trading range for the day is 1428-1496.

Wheat ended with gains on some buying support after prices dropped yesterday due to an expected rise in supplies

Traders are expecting a higher allocation of wheat from government warehouses during the October-November period

Wheat prices are also falling on fears that softening overseas prices and the surge in the rupee

In Delhi wheat prices dropped -13.35 rupee to end at 1478.75 rupees per 10 kg.