Wheat yesterday traded with the positive node and settled 0.11% up at 1112 tracking good gains in spot market demand. The International Grains Council, an industry group said in a report that global Wheat sowings could increase to nearly 225 million hectares in the 2012-13 marketing season beginning in October, the highest since the 1981-82 season. The IGC estimates are 1.5% higher, or nearly 4 million hectares more than the wheat sowed in the previous season, as producers around the world increased plantings of the grain to take advantage of higher prices. In Delhi wheat prices dropped -1.9 rupee to end at 1166 rupees per 10 kg.In Delhi wheat prices dropped -10.25 rupee to end at 1154.6 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1105 after opening at 1108, and finally settled at 1112. For today's session market is looking to take support at 1106.3, a break below could see a test of 1100.7 and where as resistance is now likely to be seen at 1116.3, a move above could see prices testing 1120.7.

Trading Ideas:

Wheat trading range is 1100.7-1120.7.

Wheat ended with gains tracking good gains in spot market demand

IGC estimates are 1.5% higher, or nearly 4 million hectares more than wheat sowed in previous season

Wheat is having resistance at 1116.30 and support at 1106.30 level.

In Delhi wheat prices dropped -10.25 rupee to end at 1154.6 rupees per 10 kg.