Wheat yesterday traded with the negative node and settled -0.97% down at 1224 on higher supplies of the new season crop in the spot market amid moderate demand. Arrivals from northern states such as Haryana, Punjab and Uttar Pradesh, have been delayed because of recent rains, while those in western Gujarat and central Madhya Pradesh states are likely to touch peak levels this week. India's wheat harvesting could touch a record 90 million tonnes in 2012, a record output for the second straight year, on favourable weather conditions. India's April 1 wheat stocks at government warehouses were 19.9 million tonnes, nearly five times the official target of 4.0 million tonnes for the quarter ending June 30, government sources said last week. Last year, the government said it would pay 10 percent more to farmers for wheat in 2012 and raised the minimum support price to 1,285 rupees per 100 kg. The government usually buys wheat from farmers for its welfare schemes through its agencies at pre-agreed rates known as minimum support prices. In Delhi wheat prices dropped -6.65 rupee to end at 1278.35 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1212 after opening at 1239, and finally settled at 1224. For today's session market is looking to take support at 1211, a break below could see a test of 1198 and where as resistance is now likely to be seen at 1238, a move above could see prices testing 1252.

Trading Ideas:

Wheat  trading range for the day is 1198-1252.

Wheat ended lower on higher supplies of the new season crop in the spot market amid moderate demand

Arrivals from northern states such as Haryana, Punjab and U.P, have been delayed because of recent rains

NCDEX accredited warehouses wheat stocks gained by 148 tonnes to 4602 tonnes.

In Delhi wheat prices dropped -6.65 rupee to end at 1278.35 rupees per 10 kg.