Wheat May Witness Selling Pressure

U.S. wheat futures stumbled on a strong dollar and profit taking after Wednesday's gains. The Wednesday rally was due more to corn's strength rather than a fundamental change in the outlook for wheat. While supplies for grains generally are tight, analysts add that wheat appears to have the least upside.

KCBT wheat ended down 20 cents to $9.68 and MGEX wheat settled down 12 1/4 cents to $10.14 3/4.March CBOT wheat closed down 23 1/4 cents, or 2.6%, to $8.62 3/4 per bushel and the contract is currently trading higher at $8.67, up 42 points.

Indian wheat futures for the March contract ended the last session down by 0.08% at Rs 1305.8 per 100 kg and the open interest added 6.54%.

March contract on NCDEX is likely to move lower with support at Rs 1,300 and resistance at Rs 1,310.

(Source: http://www.indiainfoline.com/Markets/News/Wheat-May-Witness-Selling-Pressure/3546926383)