Wheat yesterday traded with the negative node and settled -0.46% down at 1171. Global wheat inventories will total 181.9 million metric tons at the end of themarketing year on May 31, up 2.3 percent from last month’s estimate, the U.S. Department of Agriculturesaid. Wheat production would increase by 5-7 percent this year due to timely rain and thefloods, which ultimately causes fertility in the affected areas. In Delhi wheat prices dropped -5.85 rupee to end at 1309.15 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1171 after opening at 1175, and finally settled at 1171. For today's session market is looking to take support at 1168.7, a break below could see a test of 1166.3 and where as resistance is now likely to be seen at 1175.7, a move above could see prices testing 1180.3.
Trading Ideas:
Wheat trading range is 1166.3-1180.3.
Global wheat inventories will total 181.9 million metric tons at the end of the marketing year on May 31 - USDA
Wheat is having resistance at 1175.70 and support at 1168.70 level.
Wheat production would increase by 5-7 percent this year due to timely rain and the floods
In Delhi wheat prices dropped -5.85 rupee to end at 1309.15 rupees per 10 kg.
(Source: http://www.topnews.in/commodity-outlook-wheat-kediacommodity-2317687)
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