Wheat yesterday traded with the positive node and settled 3.3% up at 1285 due to firm spot demand after export prospects have improved. The recent surge in global wheat prices and a weakness in currency have raised hopes of higher exports from the south Asian nation which lifted a four-year-old ban on shipment of wheat in September. India, the world's second-biggest wheat producer, is struggling to trim bulging stockpiles that have filled up its storage facilities after the bumper harvests of recent years. Grain stocks in Indian government warehouses stood at a record 82.4 million tonnes on June 1 although there was storage space only for 63 million tonnes. The International Grains Council has slashed its estimate for world grain stocks at the close of 2012-13 to a five-year low, citing reduced expectations for wheat production. In Delhi wheat prices gained 2.5 rupee to end at 1221.5 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1242 after opening at 1245, and finally settled at 1285. For today's session market is looking to take support at 1255, a break below could see a test of 1225 and where as resistance is now likely to be seen at 1302, a move above could see prices testing 1319.

Trading Ideas:

Wheat trading range for the day is 1223-1317.

Wheat prices ended higher due to firm spot demand after export prospects have improved.

The recent surge in global wheat prices and a weakness in currency have raised hopes of higher exports

NCDEX accredited warehouses wheat stocks dropped by 25 tonnes to 6387 tonnes.

In Delhi wheat prices gained 2.5 rupee to end at 1221.5 rupees per 10 kg.