Wheat yesterday traded with the positive node and settled 0.34% up at 1170 on some buying support after drop in last few sessions. Wheat production in Haryana is likely to achieve the target set for rabi 2011-12 due to favourable weather condition in the major growing areas of the states. As per latest update Haryana Agriculture Board, weather is cool and congenial for the favourable growth of wheat in the state. The production target of wheat for the year 2011-12 has been set at 118.35 lakh tonnes with increased per hectare productivity of 47.35 quintals as against 116.30 lakh tonnes of wheat production with per hectare productivity of 46.24 quintals during last Rabi season. Board mentioned that Ambala and Panchkula districts would be specially focused as per hectare wheat productivity in these districts is less as compared to other districts, besides making efforts to increase wheat productivity in other districts as well. However, wheat sowing in the state was still under progress and it was expected to achieve the target of 25 lakh hectares during the current Rabi season. In Delhi wheat prices gained 0.25 rupee to end at 1185.25 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1167 after opening at 1169, and finally settled at 1170. For today's session market is looking to take support at 1167.3, a break below could see a test of 1164.7 and where as resistance is now likely to be seen at 1172.3, a move above could see prices testing 1174.7.

Trading Ideas:

Wheat trading range is 1164.7-1174.7.

Wheat ended with gains on some buying support after drop in last few sessions

The production target of wheat for the year 2011-12 has been set at 118.35 lakh tonnes

NCDEX accredited warehouses wheat stocks gained by 1 tonnes to 13486 tonnes.

In Delhi wheat prices gained0.25 rupee to end at 1185.25 rupees per 10 kg.