Wheat yesterday traded with the positive node and settled 0.42% up at 1188.2 tracking good gains in spot market demand. The U.K.'s wheat harvest in 2011-12 is expected to come in only 1.5% below the average of recent years despite the impact of drought early in the season, the National Farmers' Union said. Preliminary results from the NFU's survey of U.K. farmers indicated that wheat yields will come in at around 7.5 metric tons a hectare--only slightly below the 7.8 ton/hectare average for the past five years. With the cropping area up 3% this crop year, wheat production is expected to come in only 189,000 tons below the average since 2006-07 at around 13.64 million tons, the survey, which will be completed later this month, showed. In Delhi wheat prices gained 10.5 rupee to end at 1173.85 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1180 after opening at 1185, and finally settled at 1188.2. For today's session market is looking to take support at 1181.8, a break below could see a test of 1175.4 and where as resistance is now likely to be seen at 1192.8, a move above could see prices testing 1197.4.

Trading Ideas:

Wheat trading range is 1175.4-1197.4.

Wheat yesterday traded with the positive node tracking good gains in spot market demand

The U.K.'s wheat harvest in 2011-12 is expected to come in only 1.5% below the average of recent years

Wheat is having resistance at 1192.80 and support at 1181.80 level.

In Delhi wheat prices gained10.5 rupee to end at 1173.85 rupees per 10 kg.