Wheat yesterday traded with the negative node and settled -1.15% down at 1292 due to profit booking after prices gained on expected rise in shipments, following a surge in global prices of the commodity. India has surplus wheat and was struggling to export as prices in the overseas markets were not attractive. India lifted a ban on wheat exports in September but shipments from the South Asian nation have picked up in recent weeks as a rally in global prices and a weaker currency made Indian wheat competitive in the world market. India, the world's second-biggest wheat producer, is struggling to trim bulging stockpile 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, forcing authorities to store the surplus in the open. In Delhi wheat prices gained 5.15 rupee to end at 1225.4 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1286 after opening at
1302, and finally settled at 1292. For today's session market is looking to take support at 1282, a break below could see a test of 1272 and where as resistance is now likely to be seen at 1306, a move above could see prices testing 1320.

Trading Ideas:

Wheat trading range for the day is 1272-1320.

Wheat ended with weak node due to profit booking after prices gained on expected rise in shipments

India has surplus wheat and was struggling to export as prices in the overseas markets were not attractive

India lifted a ban on wheat exports in September but shipments from the South Asian nation have picked up in recent weeks

In Delhi wheat prices gained 5.15 rupee to end at 1225.4 rupees per 10 kg.