Wheat yesterday traded with the negative node and settled -0.4% down at 1146 as domestic fundamentals is weak only due to the higher crop in the current year and ample stock levels. The supply concerns from United states might also keep the wheat demand-supply equation tight in 2011-12 The report revealed that U.S. wheat supplies for 2011/12 are lowered 30 million bushels in August as higher forecast winter wheat production is more than offset by lower area and production for durum and other spring wheat. Total use for 2011/12 is lowered 30 million bushels with a reduced outlook for exports more than offsetting an increase in expected feed and residual use. In Delhi wheat prices gained 1.65 rupee to end at 1180.4 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1141 after opening at 1154.8, and finally settled at 1146. For today's session market is looking to take support at 1139.7, a break below could see a test of 1133.5 and where as resistance is now likely to be seen at 1153.5, a move above could see prices testing 1161.1.

Trading Ideas:

Wheat trading range is 1133.5-1161.1.

Wheat yesterday traded with the negative node as domestic fundamentals is weak only due to higher crop

The supply concerns from United states might keep the wheat demand-supply equation tight in 2011-12

Wheat is having resistance at 1153.50 and support at 1139.70 level.

In Delhi wheat prices gained1.65 rupee to end at 1180.4 rupees per 10 kg.