Wheat yesterday traded with the positive node and settled 0.18% up at 1128 due to some short covering. European Union this week granted export licences for 213,000 tonnes of soft wheat, taking the total since the beginning of the 2011/12 (July-June) season to 3.1 million tonnes. The export volume remained well below the level seen last season when 5.3 million tonnes of export licences were cleared by the same stage.  Argentina's 2011/12 wheat crop is seen at between 11 million and 13 million tonnes, down from 14.7 million tonnes in the prior season, the Agriculture Ministry said in a monthly report. In Delhi wheat prices dropped -1 rupee to end at 1172.5 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1124.2 after opening at 1124.2, and finally settled at 1128. For today's session market is looking to take support at 1124.9, a break below could see a test of 1121.9 and where as resistance is now likely to be seen at 1130.3, a move above could see prices testing 1132.7.

Trading Ideas:

Wheat trading range is 1121.7-1132.5.

Wheat prices ended with positive node due to some short covering

EU cleared 213,000 tonnes wheat exports this week

Argentina's 2011/12 wheat crop is seen at between 11 million and 13 million tonnes

In Delhi wheat prices dropped -1 rupee to end at 1172.5 rupees per 10 kg.