USDA lowered its outlook on the global harvest to 451.5 million tons and pared its estimate on demand, while raising a forecast on stockpiles in China and India, the world’s two largest growers. Wheat yesterday traded with the positive node and settled 0.17% up at 1178. In Delhi wheat prices dropped -0.65 rupee to end at 1313.5 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1173.2 after opening at 1173.2, and finally settled at 1178. For today's session market is looking to take support at 1174.1, a break below could see a test of 1170.3 and where as resistance is now likely to be seen at 1180.9, a move above could see prices testing 1183.9.

Trading Ideas:

Wheat trading range is 1170.3-1183.9.

Wheat has been sown in 294.06 lakh hectare, which is 10.46 lakh hectares more than last year on this date.

Wheat is having resistance at 1180.90 and support at 1174.10 level.

USDA lowered its outlook on the global harvest to 451.5 million tons and pared its estimate on demand

In Delhi wheat prices dropped -0.65 rupee to end at 1313.5 rupees per 10 kg.