Wheat yesterday traded with the negative node and settled -0.21% down at 1300. Snowfalls in China's major wheat- growing regions failed to ease a drought, a government agency said. Drought could force China, largely self-sufficient in wheat, to buy more from overseas. In Delhi wheat prices dropped -3.6 rupee to end at 1325.65 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1290.8 after opening at 1303.2, and finally settled at 1300. For today's session market is looking to take support at 1291.7, a break below could see a test of 1283.5 and where as resistance is now likely to be seen at 1307.3, a move above could see prices testing 1314.7.

Trading Ideas:

Wheat trading range is 1283.6-1314.8.

Wheat yesterday traded with the negative node and settled -0.21% down

Wheat is having resistance at 1304.50 and support at 1296.20 level.

Snowfalls in China's major wheat- growing regions failed to ease a drought

In Delhi wheat prices dropped-3.6 rupee to end at 1325.65 rupees per 10 kg.