Wheat plunges on rising arrivals

Wheat yesterday traded with the negative node and settled -0.08% down at 1191.8 on adequate supply following increased arrivals from producing belts.
Government agencies and private millers have procured 47.17 lakh tonnes of wheat in Punjab in the ongoing crop year so far, as against 90.32 lakh tonnes last year.
Out of total procurement, state agencies procured 47.10 lakh tonnes of wheat, while private traders procured 6,755 tonnes.
In Delhi wheat prices gained 0.9 rupee to end at 1184.25 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1188 after opening at 1193, and finally settled at 1191.8.
For today's session market is looking to take support at 1188.9, a break below could see a test of 1185.9 and where as resistance is now likely to be seen at 1193.9, a move above could see prices testing 1195.9.
Trading Ideas:
Wheat trading range is 1185.6-1195.6.
Wheat yesterday traded with the negative node on adequate supply following increased arrivals
Wheat is having resistance at 1193.90 and support at 1188.90 level.
Government agencies and private millers have procured 47.17 lakh tonnes of wheat in Punjab
In Delhi wheat prices gained0.9 rupee to end at 1184.25 rupees per 10 kg.
Courtesy: Kedia Commodities

(Source: http://www.commodityonline.com/futures-trading/tradingtips/Wheat-plunges-on-rising-arrivals-12659.html)