Wheat yesterday settled down -0.06% at 1585 amid sluggish trading activities at the spot market. Rains in various parts of the country discouraged the normal course of trading and lower demand against sufficient availability continued to weigh on market fundamentals. 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. 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. Higher than expected projections on world wheat production also pressurize the commodity movement in the global market. Persisting good monsoon rains are expected to support wheat crop this year. A combined wheat production by Australia and Canada is expected to reach higher at 683.1 mn tons in the year that started from July 2, according to International Grains Council. Technically market is under fresh selling as market has witnessed fell in open interest by 2.81% to settled at 6950 while prices down -1 rupee, now Wheat is getting support at 1572 and below same could see a test of 1560 level, And resistance is now likely to be seen at 1593, a move above could see prices testing 1602.
Trading Ideas:
Wheat trading range for the day is 1559-1601.
Wheat yesterday settled down amid sluggish trading activities at the spot market.
Rains in various parts of the country discouraged the normal course of trading and lower demand against sufficient availability.
Persisting good monsoon rains are expected to support wheat crop this year.
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