Wheat plunges on weak exports

Wheat yesterday traded with the negative node and settled -0.54% down at 1300.8 as crops in Ukraine escaped cold-weather damage, signaling the nation will be able to sustain exports.
Egypt, the world's biggest wheat buyer, bought 170,000 tons of soft wheat and canceled a tender for hard wheat. Global wheat demand will outstrip production for the first time in three years, draining stockpiles to 178 million tons at the end of this season.
In Delhi wheat prices gained 1.25 rupee to end at 1331.65 rupees per 10 kg. In yesterday's trading session Wheat has touched the low of 1300.2 after opening at 1305, and finally settled at 1300.8.
For today's session market is looking to take support at 1299, a break below could see a test of 1297.2 and where as resistance is now likely to be seen at 1303.8, a move above could see prices testing 1306.8.
Trading Ideas:
Wheat trading range is 1297.5-1307.1.
Wheat ended weak as crops in Ukraine escaped cold-weather damage
Wheat is having resistance at 1303.80 and support at 1299 level.
Global wheat demand will outstrip production for the first time in three years
In Delhi wheat prices gained1.25 rupee to end at 1331.65 rupees per 10 kg.

(Source: http://www.commodityonline.com/futures-trading/tradingtips/Wheat-plunges-on-weak-exports-11595.html)