Wheat yesterday settled up 0.51% at 1568 due to weak arrivals of wheat in local mandies along with strong demand of private millers at higher levels. India's wheat procurement for 2013-14 marketing year (which is started on April 1) may decline to 26-28 mn tons, a fall of 10-12 mn tons when compared to the last year. However, the figures are less than expected sum of 44 mn tons. India's wheat production is expected to fall 92.46 mn tons from its previous estimates of 93.62 mn tons as a result of unfavourable weather conditions in key wheat growing areas of Haryana and Madhya Pradesh, as per government estimates. During ongoing Rabi Marketing Season, India Government agencies have procured more than 234 lakh tonne wheat. As per data available from the fields total wheat procured during the season in various states is 234, 54,846 tonnes. So far Punjab has led the procurement 105,90,390 tonne followed by Haryana with 57,95,213 tonne and Madhya Pradesh with 56,25,527 tonne. Rajasthan and UP also made significant procurement during the season with 9,55,765 tonne 4,75,416 tonne respectively. Technically market is under fresh buying as market has witnessed edged up in open interest by 7.71% to settled at 6430 while prices up 8 rupee, now Wheat is getting support at 1563 and below same could see a test of 1558 level, And resistance is now likely to be seen at 1572, a move above could see prices testing 1576.
Trading Ideas:
Wheat trading range for the day is 1558-1576.
Wheat gained due to weak arrivals of wheat in local mandies along with strong demand of private millers at higher levels.
India's wheat procurement for 2013-14 marketing year may decline to 26-28 mn tons, a fall of 10-12 mn tons
As per data available from the fields total wheat procured during the season in various states is 234, 54,846 tonnes.
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