Wheat yesterday traded with the negative node and settled -0.94% down at 1177.4. Drought in China's major winter wheat producing areas has limited impact on grain output and prices are expected to remain stable. The affected areas for winter wheat is less than one-third of the total areas of such crop, adding the average output of winter wheat only accounts for 22 percent of China's total grain output. Global harvests of wheat may fall short of demand again if the La Nina weather event persists through July, tightening global grain supplies. In Delhi wheat prices dropped -1.35 rupee to end at 1318.75 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1172 after opening at 1188.6, and finally settled at 1177.4. For today's session market is looking to take support at 1170.1, a break below could see a test of 1162.7 and where as resistance is now likely to be seen at 1186.7, a move above could see prices testing 1195.9. Trading Ideas: Wheat trading range is 1163.5-1196.7. Wheat yesterday traded with the negative node and settled -0.94% down at 1177.4 Wheat is having resistance at 1190 and support at 1160 level. Drought in China's major winter wheat producing areas has limited impact on grain output In Delhi wheat prices dropped-1.35 rupee to end at 1318.75 rupees per 10 kg.

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