Wheat settled yesterday at 0.26% in 1572 due to weak income of wheat in local mandies along with the great demand of private Millers at higher levels. Better crop prospects would help boost stocks in government warehouses, after the Government allowed an extra million tons, 9.5 for sale on the open market in June as part of its efforts to reduce inventory. Exports account for about 5 million tons of wheat, with the support of the Government trading companies also helped trim inventories. Wheat stocks in the Government warehouses were 42.4 million tonnes on July 1 against the goal of 17.1 million tons, but lower than the 44.4 million tonnes. India is growing only one crop of wheat per year, with sowing in September-October and harvest from March. India will produce 93.62 million tonnes of wheat in the year 2013 the farm Ministry said in a forecast in June. This is the sixth year in a row, when the production of wheat is seen exceeding demand. According to recent estimates less than last year's record output 94.88 million tons, but more than the annual consumption of about 76 million tons. Technically the market as the market witnessed is under fresh buying cold in open interest at 4.64% settled in the price upward 6760 4 rupees, now receives support at 1549 wheat and lower same could see 1527 and test resistance at present tend to see in 1605, a step above could see prices testing 1639.
Trading ideas:
Wheat, the trading range for the day-1531-1643.
Wheat ended with profits due to weak income of wheat in local mandies along with strong demand.
Better crop prospects would help boost stocks in government warehouses, after the Government allowed 9.5 million tons.
Wheat stocks in the Government warehouses were 42.4 million tonnes on July 1 against the goal of 17.1 million tons
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