Wheat yesterday traded with the positive node and settled 0.13% up at 1240. India had suspended wheat exports in early 2007 due to high inflation in the country. Pegging India's wheat output at 83 million tonnes (MT) in 2011-12 marketing year (April-March), the USDA said, "Despite forecasted record production, strong government procurement and abnormally high stocks, the government is unlikely to lift the ban on wheat exports due to continued food inflation concerns". India’s domestic wheat and rice demand is estimated at 84.5 MT and 96 MT, respectively for 2011-12 marketing year. In Delhi wheat prices dropped -5.25 rupee to end at 1320.1 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1230 after opening at 1235.4, and finally settled at 1240. For today's session market is looking to take support at 1233, a break below could see a test of 1226 and where as resistance is now likely to be seen at 1244, a move above could see prices testing 1248.

Trading Ideas:

Wheat trading range is 1226.2-1248.2.

India had suspended wheat exports in early 2007 due to high inflation in the country.

Wheat is having resistance at 1246 and support at 1232 level.

Pegging India's wheat output at 83 million tonnes (MT) in 2011-12 marketing year (April-March), the USDA said

In Delhi wheat prices dropped-5.25 rupee to end at 1320.1 rupees per 10 kg.