India: Wheat plunges on higher arrivals

Wheat yesterday traded with the negative node and settled -0.64% down at 1153 as arrivals gained momentum in all the major producing states.
Moreover, government has set a record wheat production target of 81.47 million tonnes in 2010-11 against 80.8 million tonnes in the previous year.
This might also add some selling in the wheat market. The major producing states of wheat such as Punjab, Haryana Madhya Pradesh and Gujarat have reported the fresh arrivals of 10 lakh bags daily.
In Delhi wheat prices dropped -1.85 rupee to end at 1230.85 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1150.2 after opening at 1162, and finally settled at 1153.
For today's session market is looking to take support at 1148.1, a break below could see a test of 1143.3 and where as resistance is now likely to be seen at 1159.9, a move above could see prices testing 1166.9.
Trading Ideas:
Wheat trading range is 1143.3-1166.9.
Wheat ended down as arrivals gained momentum in all the major producing states
Wheat is having resistance at 1159.90 and support at 1148.10 level.
Government has set a record wheat production target of 81.47 million tonnes in 2010-11.
In Delhi wheat prices dropped -1.85 rupee to end at 1230.85 rupees per 10 kg.

(Source: http://www.commodityonline.com/futures-trading/tradingtips/Wheat-plunges-on-higher-arrivals-12378.html)