Wheat yesterday traded with the range bound node and settled flat at 1189 on adequate supplies against reduced offtake. Adequate stocks position against reduced offtake by flour mills led to decline in wheat dara prices. Wheat has been shown in 244.12 lakh hectares against 240.10 lakh hectare last year .The total wheat acreage is 4.02 lakh hectares higher than the area sown during the corresponding period last year. While in international market, the latest report release by United States Department of Agriculture stated that the global wheat supplies for 2011/12 are projected 9.3 million tonnes higher with larger beginning stocks in Australia and Argentina and a 5.7-million-tonne increase in foreign production while total global ending stocks are projected 5.9 million tons higher at 208.5 million tonnes, global wheat stocks would be the largest in 12 years. In Delhi wheat prices dropped -0.75 rupee to end at 1191.75 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1180 after opening at 1185, and finally settled at 1189. For today's session market is looking to take support at 1182, a break below could see a test of 1175 and where as resistance is now likely to be seen at 1194, a move above could see prices testing 1199.

Trading Ideas:

Wheat trading range is 1175-1199.

Wheat yesterday traded with the range bound node on adequate supplies against reduced offtake

Total wheat acreage is 4.02 lakh hectares higher than the area sown during corresponding period last year

USDA stated that the global wheat supplies for 2011/12 are projected 9.3 million tonnes

In Delhi wheat prices dropped -0.75 rupee to end at 1191.75 rupees per 10 kg.