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Commodity Trading Tips for Wheat by KediaCommodityWheat yesterday settled down -0.5% at 1588 on the account of weak export demand along with weak demand by flour millers at higher levels. The latest United States Deapartment of Agriculture (USDA ) estimated the wheat exports in 2013-14 at 5 million tonnes , down 1.50 million tonnes from the last year. This is mainly due to poor wheat procurement by government in the current year. USDA estimated the India's 2012/13 July-June wheat export estimate is revised lower to 7.5 million tonnes due to higher domestic prices of wheat. Moreover, poor demand by flour millers in the local mandies might also persist some selling pressure in in the domestic market. Bulk buyers are keeping themselves out of the market as wheat prices are likely to fall in coming days. The Government proposes to offload about 10 million tonnes (mt) of wheat from the Central pool stocks in Punjab to domestic bulk buyers and exporters. This open market sale could help the Government control rising domestic prices on the lower-than-expected crop. The Food Ministry has moved a proposal that may come up before the Cabinet Committee on Economic Affairs soon. Of the 10 mt, about 8.5 mt would be earmarked for domestic bulk buyers under the open market sale scheme (OMSS) at a likely price of around Rs 15,000 a tonne, official sources said. In Delhi wheat prices remains unchanged at0 rupee to end at 1590 rupees per 10 kg. Now Wheat is getting support at 1584 and below same could see a test of 1580 level, And resistance is now likely to be seen at 1593, a move above could see prices testing 1598.

Trading Ideas:

Wheat trading range for the day is 1580-1598.

Wheat ended with losses on the account of weak export demand along with weak demand by flour millers at higher levels.

USDA estimated the wheat exports in 2013-14 at 5 million tonnes , down 1.50 million tonnes from the last year

NCDEX accredited warehouses wheat stocks gained by 167 tonnes to 14989 tonnes.

In Delhi wheat prices remains unchanged at0 rupee to end at 1590 rupees per 10 kg.

 

Source: Top News



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