Wheat yesterday traded with the positive node and settled 0.33% up at 1211 as good domestic demand coupled with low stocks supported prices. India's wheat production for the 2012-13 marketing year is forecast to increase 0.7% on the year to a record 87.5 million metric tons, the U.S. Department of Agriculture's New Delhi attache said in a report, due to a marginal increase in planted area and optimal growing conditions so far. India is heading for its fifth consecutive record wheat harvest this summer, the USDA said, although its projections fall short of the government's preliminary estimate of 88.3 million tons, due to slightly optimistic yield expectations as high temperatures during harvest may temper yield prospects. The USDA expects India to produce 100 million tons of rice from 45 million hectares in 2012-13, marginally lower than the estimated record production of 102 million tons in 2011-12. In Delhi wheat prices gained 0.1 rupee to end at 1241.5 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1206 after opening at 1206, and finally settled at 1211. For today's session market is looking to take support at 1207.3, a break below could see a test of 1203.7 and where as resistance is now likely to be seen at 1213.3, a move above could see prices testing 1215.7.

Trading Ideas:

Wheat  trading range for the day is 1204-1216.

Wheat prices ended with gains as good domestic demand coupled with low stocks supported prices

India's wheat production for 2012-13 is forecast to increase 0.7% on the year to a record 87.5 mln metric tons

The country's wheat exports during 2012-13 are forecast at 1.5 million tons, the USDA said

In Delhi wheat prices gained 0.1 rupee to end at 1241.5 rupees per 10 kg.