Wheat yesterday traded with the negative node and settled -0.13% down at 1481 on profit booking after prices gained on the heels of spate of new related to crop damage in some parts of northern India along with sharp decline in global wheat supplies. Some of the cultivators from North India regions such Punjab and Haryana have reported yellow rust disease to wheat crop due to below normal temperature during the first week of January. This may also pegged the growth of wheat grain in the current season. Moreover, receding global wheat supplies in 2012-13 also added some support to wheat prices in domestic market. In Delhi wheat prices dropped -6.8 rupee to end at 1568.2 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1474 after opening at 1485, and finally settled at 1481. For today's session market is looking to take support at 1471, a break below could see a test of 1461 and where as resistance is now likely to be seen at 1494, a move above could see prices testing 1507.

Trading Ideas:

Wheat  trading range for the day is 1461-1507.

Wheat dropped slightly on profit booking after prices gained on the heels of spate of new related to crop damage.

Receding global wheat supplies in 2012-13 added some support to wheat prices in domestic market.

NCDEX accredited warehouses wheat stocks gained by 239 tonnes to 4027 tonnes.

In Delhi wheat prices dropped -6.8 rupee to end at 1568.2 rupees per 10 kg.