Wheat yesterday traded with the negative node and settled -1.08% down at 1186 on subdued spot demand along with higher production concerns. India is considering selling wheat to states in Africa, the Middle East and neighbours such as Afghanistan and Pakistan, its food minister said, to cut its huge stocks as lower global prices deter exports and keep the domestic market in surplus. India had around 19.9 million tonnes of Wheat in government warehouses on April 1, nearly five times the official target of 4.0 million tonnes for the quarter ending June 30, government sources said last month. India has exported only about 830,000 tonnes of wheat since September when the government freed up exports. The estimated output is higher than the 86.87 million tonnes produced in the previous year. India, the world's second biggest producer, consumes about 76 million tonnes of wheat a year. 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 -2.5 rupee to end at 1243.35 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1180 after opening at 1196, and finally settled at 1186. For today's session market is looking to take support at 1178.7, a break below could see a test of 1171.3 and where as resistance is now likely to be seen at 1194.7, a move above could see prices testing 1203.3.

Trading Ideas:

Wheat  trading range for the day is 1172-1204.

Wheat declined on subdued spot demand along with higher production concerns.

India has exported only about 830,000 tonnes of wheat since September when the government freed up exports.

NCDEX accredited warehouses wheat stocks gained by 20 tonnes to 9546 tonnes.

In Delhi wheat prices dropped -2.5 rupee to end at 1243.35 rupees per 10 kg.