Wheat yesterday traded with the positive node and settled 0.48% up at 1254 as hopes of the government buying more grains and a delay in harvesting could balance an expected rise in supplies from the new season crop. India, the world's second largest producer of wheat, is expected to harvest a record crop for the second straight year. Prolonged winter weather and recent rainfall may delay wheat harvesting by at least a week in India's key grain producing northern states of Punjab and Haryana. Harvesting in Punjab and Haryana, the country's second and third biggest producers of wheat, usually begins from April 1. In January and February, the weather was colder than usual in northern states, data with the weather department showed. The government usually buys wheat from farmers for its welfare schemes through its agencies at pre-agreed rates known as minimum support prices. The government plans to buy 31.9 million tonnes of wheat in the marketing year from April 1, 12.7 percent higher than the 28.3 million tonnes bought from farmers in 2011/12. In Delhi wheat prices gained 0.6 rupee to end at 1289.25 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1249 after opening at 1249, and finally settled at 1254. For today's session market is looking to take support at 1249.3, a break below could see a test of 1244.7 and where as resistance is now likely to be seen at 1258.3, a move above could see prices testing 1262.7.

Trading Ideas:

Wheat trading range for the day is 1245-1263.

Wheat remained steady as hopes of government buying more grains and a delay in harvesting supported prices

Prolonged winter weather and recent rainfall may delay wheat harvesting by at least a week

In January and February, the weather was colder than usual in northern states

In Delhi wheat prices gained 0.6 rupee to end at 1289.25 rupees per 10 kg.