Wheat slumps on overseas market

Wheat yesterday traded with the negative node and settled -0.19% down at 1177.2. USDA increased its forecast for end-of-season world supplies of wheat which might have some sentimental impact on prices.
Two days before the procurement of wheat begins in Madhya Pradesh, the only state to give a bonus of Rs 100 over and above the minimum support price (MSP), the state government said the process has been overhauled to keep dubious elements at bay.
In Delhi wheat prices gained 1.5 rupee to end at 1315 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1175 after opening at 1177, and finally settled at 1177.2.
For today's session market is looking to take support at 1175.1, a break below could see a test of 1173.1 and where as resistance is now likely to be seen at 1179.1, a move above could see prices testing 1181.1.
Trading Ideas:
Wheat trading range is 1172.8-1180.8.
USDA increased its forecast for end-of-season world supplies of wheat having some impact on prices
Wheat is having resistance at 1179.10 and support at 1175.10 level.
Two days before procurement of wheat begins in Madhya Pradesh
In Delhi wheat prices gained1.5 rupee to end at 1315 rupees per 10 kg.

(Source: http://www.commodityonline.com/futures-trading/tradingtips/Wheat-slumps-on-overseas-market-12048.html)