April 04, 2011

Commodity Wheat Gains In Demand

Commodity wheat traded traded positively on tomorrows trading session and settled 0.58% up at 1148 due to firm spot market. This become the reason for decline in wheat buying by the Food Corporation of India
from the couple of weeks.

In the current season, the agency has procured 2.61 lakh tonnes so far this year compared to 3.89 lakh tonne in the same period last year, down 33% from the year before.

In Delhi wheat prices gained 8.85 rupee to end at 1208.85 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1137.4 after opening at 1142.4, and finally settled at 1148.

For commodity wheat today's session market is looking to take support at 1140.6, a break below could see a test of 1133.2 and where as resistance is now likely to be seen at 1152.2, a move above could see prices testing 1156.4. 
Wheat commodity trading range is 1133-1156.2. Wheat seen firm in the spot market and showing a resistance of 1152.20 and support at 1140.60 level. The imports increased for buyer Egypt increased by 36%. The commodity prices for wheat is gained8.85 rupee to end at 1208.85 rupees per 10Rs. 

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