Wheat yesterday traded with the positive node and settled 0.34% up at 1170 taking cues from the firm spot market. India, the world's second-biggest wheat grower, is considering exports from government stockpiles to countries including Iran to make room for a record harvest. India is considering a proposal to export wheat from government stockpiles and to sell additional grains locally at below-market rates to make space for new crops. The wheat crop will probably reach a record 90.2 million tons in the year to June 30, up from 86.9 million tons a year earlier, while the rice harvest may gain to a record 103.4 million tons from 96 million tons, the farm ministry says. India's government, the country's single biggest buyer of food grains, has purchased 30.34 million tons of wheat from farmers, compared with 23.96 million tons a year earlier, the food ministry said. In Delhi wheat prices gained 9.75 rupee to end at 1223.5 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1163 after opening at 1168, and finally settled at 1170. For today's session market is looking to take support at 1165, a break below could see a test of 1160 and where as resistance is now likely to be seen at 1173, a move above could see prices testing 1176.

Trading Ideas:

Wheat trading range for the day is 1160-1176.

Wheat yesterday traded with the positive node and settled 0.34% up taking cues from the firm spot market

India is considering exports from government stockpiles to countries including Iran to make room for a record harvest.

India's government has purchased 30.34 mln tns of wheat from farmers, compared with 23.96 mln tns a year earlier

In Delhi wheat prices gained 9.75 rupee to end at 1223.5 rupees per 10 kg.