Wheat yesterday settled flat 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. As per latest release from Australia Bureau of Statistics (ABS), Australia's bulk storage of wheat grain in December 2011 increased by 9.2 million tonnes (60%) to 24.6 million tonnes from November 2011. This was 6.4 million tonnes higher than the amount stored in December 2010. The improvement in the new season's wheat harvest has continued in December 2011, with a further rise in the quality of wheat grain. In Delhi wheat prices gained 2.45 rupee to end at 1246.5 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1250 after opening at 1250, and finally settled at 1255. For today's session market is looking to take support at 1250.7, a break below could see a test of 1246.3 and where as resistance is now likely to be seen at 1258.7, a move above could see prices testing 1262.3.

Trading Ideas:

Wheat trading range is 1246.3-1262.3.

Wheat yesterday settled flat 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

Australia's bulk storage of wheat grain in December 2011 increased by 9.2 million tonnes

In Delhi wheat prices gained2.45 rupee to end at 1246.5 rupees per 10 kg.