Wheat yesterday traded with the negative node and settled -0.56% down at 1238 on prospects of rise in output in the current season and higher stocks with government agencies.
At Lawrence road market of Delhi, Wheat mill quality traded at Rs 1,225 a quintal.
Arrival of wheat comprised 2,000 bags. At Kota mandi in Rajasthan, mill quality offered at Rs 1,100-1,130 a quintal, lokwan at Rs 1,150-1,175 a quintal, PD variety at Rs 1,135-1,160 a quintal, arrival here stood at 3,000 bags, while at Bundi mandi mill quality wheat offered at Rs 1,100-1,125 a quintal, lokwan at Rs 1,140-1,165 a quintal and PD at Rs 1,130- 1,150 a quintal. Arrival here stood at 1,500 bags.
At Baran mandi, wheat mill quality offered at Rs 1,100-1,120 a quintal, lokwan at Rs 1,135-1,155 a quintal. Arrival here stood at 1,500 bags.
As per latest release from Australian Bureau of Statistics (ABS), the total wheat exported from Australia spurted to 2.06 million tonnes in December 2011, up 17% from November 2011 and 65% from the December 2010.
In Delhi wheat prices dropped -3.05 rupee to end at 1238 rupees per 10 kg.
In yesterday's trading session Wheat has touched the low of 1238 after opening at 1241, and finally settled at 1238.
For today's session market is looking to take support at 1235, a break below could see a test of 1232 and where as resistance is now likely to be seen at 1244, a move above could see prices testing 1250.
Trading Ideas:
Wheat trading range for the day is 1232-1250.
Wheat continued its weak trend on prospects of rise in output in the current season and higher stocks
In 2012, India will pay nearly 10% more than in 2011 to farmers for buying wheat to ensure better returns to growers
India grows only one wheat crop, which is planted in October-November and harvested during March-April.
In Delhi wheat prices dropped -3.05 rupee to end at 1238 rupees per 10 kg.
Courtesy: Kedia Commodities
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