Commodity Outlook for Wheat by Kedia Commodity

Wheat yesterday traded with the negative node and settled -0.34% down at 1126.2 as speculators reduced their positions due to sluggish demand from the flour mills. The International Grains Council, an industry group said in a report that global wheat sowings could increase to nearly 225 million hectares in the 2012-13 marketing season beginning in October, the highest since the 1981-82 season. The IGC estimates are 1.5% higher, or nearly 4 million hectares more than the wheat sowed in the previous season, as producers around the world increased plantings of the grain to take advantage of higher prices. In Delhi wheat prices dropped -1.9 rupee to end at 1166 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1126.2 after opening at 1127.2, and finally settled at 1126.2. For today's session market is looking to take support at 1125, a break below could see a test of 1123.8 and where as resistance is now likely to be seen at 1128.6, a move above could see prices testing 1131. - Commodity Outlook for Wheat by Kedia Commodity

Commodity Outlook for Wheat by Kedia Commodity

Trading Ideas:

Wheat trading range is 1123.8-1131.

Wheat yesterday traded with the negative node due to sluggish demand from the flour mills

Global wheat sowings could increase to nearly 225MH in 2012-13 marketing season beginning in October

NCDEX accredited warehouses wheat stocks dropped by 652 tonnes to 42748 tonnes.

In Delhi wheat prices dropped -1.9 rupee to end at 1166 rupees per 10 kg. Commodity Outlook for Wheat by Kedia Commodity