Wheat yesterday traded with the negative node and settled -0.39% down at 1268 on profit booking due to subdued domestic demand amid higher stocks from the fresh crop. Wheat sowing has been completed in most of the areas and conducive weather condition could help in harvesting record output for the second straight year. Wheat acreage was 27.6 million hectares until Dec. 30, since the sowing season began on Oct. 1, as against 27.7 million hectares in the previous year, data showed on Friday. India's Jan. 1 wheat stocks at government warehouses stood at 25.7 million tonnes, more than three times the official target for the quarter ending March 31, government sources said. Wheat sowing was completed on 28.42 million hectares to Jan. 6 in the current season, as against 28.34 million hectares in the corresponding period a year ago, farm ministry data showed. In Delhi wheat prices gained 5.5 rupee to end at 1255.7 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1252 after opening at 1266, and finally settled at 1268. For today's session market is looking to take support at 1255, a break below could see a test of 1242 and where as resistance is now likely to be seen at 1278, a move above could see prices testing 1288.

Trading Ideas:

Wheat trading range is 1242-1288.

Wheat fell on profit booking due to subdued domestic demand amid higher stocks from the fresh crop

Wheat acreage was 27.6 million hectares until Dec. 30, since the sowing season began on Oct. 1

Wheat sowing was completed on 28.42 million hectares to Jan. 6 in the current season

In Delhi wheat prices gained5.5 rupee to end at 1255.7 rupees per 10 kg.