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“For the short-term, prices have an immediate resistance of 1575 and if it breaks and sustains above the same, I expect some fresh buying will take place and prices may touch 1600 levels in coming sessions.&rdqu..

28 Jan 2013

MUMBAI (Commodity Online): February wheat futures on India's NCDEX was spotted trading positive at Rs.1547/quintal on NCDEX, a gain of 0.19% as of 12.40 PM IST. The commodity is having a resistance of 1560 and if it breaks the same, prices may touch 1570 levels, according to Tarang Parmar, Research Analyst with Commodity Online.

On the lower side, prices have support of 1540 and 1530 levels. For the intra-day, prices may trade in the range of 1540-1570, he said.

“For the short-term, prices have an immediate resistance of 1575 and if it breaks and sustains above the same, I expect some fresh buying will take place and prices may touch 1600 levels in coming sessions.” Tarang predicted.

Meanwhile wheat sowing in Canada may expand by 10% this year as price rally is prevailing. The acreage may climb by 5% to 10% from 9.63 million hectares (23.8 million acres) last year as farmers switch to wheat crops ditching oil seeds and rye.

The production enhancement by Canada may ease concerns regarding global supplies. Australia, Russia and even US are under a spell of worsening drought. US and Australia hold the first and second position in exports of wheat. Russia is also a major shipper.

International futures of wheat soared 19% last year and touching a 4 year high of $9.4725 a bushel in July.


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