Wheat yesterday traded with the positive node and settled 0.28% up at 1424 tracking firmness in spot demand though prices seen under pressure due to weak global demand along with fresh supplies in local mandies. As per the latest monthly report release by the United States Department of Agriculture (USDA), the global wheat consumption at 672.53 million tonnes in April 2013, down 1.17 million tonnes from last month due to lower feed and residual use. World wheat feed and residual use are lowered 5.2 million tonnes with much of the decline resulting from a 3.0-million-ton reduction in China. World wheat ending stocks for 2012/13 are projected higher by 4 million tonnes this month at 182.70 million tonnes. Higher projected ending stocks are projected in North Africa, EU-27, Iran, and the United States. Moreover, fresh supplies of around 5-7 lakh bags were seen in the major producing states of Gujarat, Madhya Pradesh and Rajasthan. India's wheat stocks in government warehouses were around 24.2 mn tons as of April 1, down by 11% from February. Indian government has asked its companies to export 4.5 mn tons of wheat and offered 5 mn tons in direct deal to private traders. Meanwhile, Russia's wheat output is expected to be around 50 mn tons in 2013, according to the report released by the US Foreign Agricultural Service Center. In Delhi wheat prices gained 2.5 rupee to end at 1447.5 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1415 after opening at 1415, and finally settled at 1424. For today's session market is looking to take support at 1415.3, a break below could see a test of 1406.7 and where as resistance is now likely to be seen at 1432.3, a move above could see prices testing 1440.7.

Trading Ideas:

Wheat trading range for the day is 1407-1441.

Wheat gained tracking firmness in spot demand though prices seen under pressure due to weak global demand.

The global wheat consumption at 672.53 million tonnes in April 2013, down 1.17 million tonnes from last month

World wheat ending stocks for 2012/13 are projected higher by 4 million tonnes this month at 182.70 million tonnes

In Delhi wheat prices gained 2.5 rupee to end at 1447.5 rupees per 10 kg.