Wheat yesterday traded with the positive node and settled 0.16% up at 1251 on some buying support after prices dropped in last some sessions.
Government agencies such as Food Corporation of India buys Wheat from farmers at pre-agreed rates for distribution among poor at lower than market rates.
India's Jan. 1 wheat stocks in the government warehouses stood at 25.7 million tonnes, more than three times the official target for the quarter ending March 31, government data showed.
Harvesting of the grain in India could rise this year as sowing has increased though there are some concerns regarding yields due to recent decline in temperature, which could adversely impact plant growth.
In Delhi wheat prices dropped -3.95 rupee to end at 1239.4 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1250 after opening at 1251, and finally settled at 1251.
For today's session market is looking to take support at 1248, a break below could see a test of 1245 and where as resistance is now likely to be seen at 1256, a move above could see prices testing 1261.
Trading Ideas:
Wheat trading range is 1245-1261.
Wheat prices ended with gains on some buying support after prices dropped in last some sessions
Government agencies such as Food Corporation of India buys Wheat from farmers at pre-agreed rates
India's Jan. 1 wheat stocks in the government warehouses stood at 25.7 million tonnes
In Delhi wheat prices dropped -3.95 rupee to end at 1239.4 rupees per 10 kg.
Courtesy: Kedia Commodities
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