Wheat gains on strong demand

Wheat yesterday traded with the positive node and settled 0.58% up at 1148 due to firm spot market.
Despite expectations of a bumper crop, wheat purchases by the Food Corporation of India have declined sharply in the first couple of weeks of the buying season.
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.
U.S. share of imports by top wheat buyer Egypt has jumped to 36%, or 3.5 million metric tons, this season in the wake of Russia's grain export ban, the U.S. Department of Agriculture said.
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 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.
Trading Ideas:
Wheat trading range is 1133-1156.2.
Wheat yesterday traded with the positive node due to firm spot market
Wheat is having resistance at 1152.20 and support at 1140.60 level.
U.S. share of imports by top wheat buyer Egypt has jumped to 36%
In Delhi wheat prices gained8.85 rupee to end at 1208.85 rupees per 10 kg.

(Source: http://www.commodityonline.com/futures-trading/tradingtips/Wheat-gains-on-strong-demand-12334.html)