India: Wheat drops on arrival pressure

Wheat yesterday traded with the negative node and settled -1.21% down at 1206.6. As per latest release by Department of Food and Public Distribution, the government agencies and private millers procured more than 8.33 million tonnes of wheat till 30th April in Punjab against 9.71 million tonnes (MT) wheat was procured last year in the same period. In Delhi wheat prices dropped -2.45 rupee to end at 1180.75 rupees per 10 kg.
In yesterday's trading session Wheat has touched the low of 1206.6 after opening at 1221.8, and finally settled at 1206.6.
For today's session market is looking to take support at 1201.5, a break below could see a test of 1196.3 and where as resistance is now likely to be seen at 1216.9, a move above could see prices testing 1227.1.
Trading Ideas:
Wheat trading range is 1197.2-1228.
Wheat yesterday traded with the negative node and settled -1.21% down
Wheat is having resistance at 1216.90 and support at 1201.50 level.
Government agencies and private millers procured more than 8.33mt of wheat till 30th April in Punjab against 9.71mt
In Delhi wheat prices dropped -2.45 rupee to end at 1180.75 rupees per 10 kg.
Courtesy: Kedia Commodities

(Source: http://www.commodityonline.com/futures-trading/tradingtips/Wheat-drops-on-arrival-pressure-12771.html)