Wheat Slumps On Arrival Stress (08-Jun-2011)
Wheat last day marketed with the unfavorable node and established -0.7% lower at 1164.8 on back of solid arrivals of grain for the duration of the present marketing period.
Investors are anticipating more drop in rates in the coming times. Based on the newest data complied by govt , the FCI and other state firms have purchased 26.43 MT of wheat up to now in the present year, that is nicely higher than the prior record procurement of 25.38 MT attained in the 2009-10 marketing period.
For the duration of the present period, Punjab and also MP was the top states to purchase nearly 11 MT and 4.75 MT correspondingly. In last day marketing period Wheat has moved the lower of 1163.6 after beginning at 1170, and lastly established at 1164.8.
For present day market is seeking to get help at 1162.3, a rest below might view a test of 1159.7 and where as resistance is currently likely to be noticed at 1168.7, a shift over might notice rates testing 1172.5
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