Wheat drops on ample supply

Wheat yesterday traded with the negative node and settled -0.06% down at 1306 on reduced offtake against adequate stocks.
We are likely to achieve record production of wheat (81.47 MT), pulses (16.51MT) and cotton (33.9 million bales of 170 kg each) this year," agriculture minister Sharad Pawar told. In Delhi wheat prices gained 4.4 rupee to end at 1330 rupees per 10 kg.
In yesterday's trading session Wheat has touched the low of 1301.8 after opening at 1306.6, and finally settled at 1306.
For today's session market is looking to take support at 1301, a break below could see a test of 1296 and where as resistance is now likely to be seen at 1311.8, a move above could see prices testing 1317.6.
Trading Ideas:
Wheat trading range is 1295.9-1317.5.
Wheat settled down on reduced offtake against adequate stocks. We
Wheat is having resistance at 1312 and support at 1301 level.
The total sowing acreage of wheat reported at 291.80 lakh hectares on 04th, February 2011.
In Delhi wheat prices gained4.4 rupee to end at 1330 rupees per 10 kg.

(Source: http://www.commodityonline.com/futures-trading/tradingtips/Wheat-drops-on-ample-supply-11645.html)