US wheat futures ended higher, joining other agricultural commodities in rallying amid support from higher equities. Wheat was also led higher by corn and soybeans, although wheat had its own support from worries about the hard-red winter wheat crop because of drought in the southern Plains. Lack of farmer selling also helped. However, exportdemand remains poor, as evidenced by weak weekly sales reported, and world supplies are considered ample. CBOT December wheat ended up 12 1/2c at $6.36/bushel. The e-CBOT December Wheat is currently quoting at 6.34 per bushel.
The NCDEX wheat November ended the last day up by 0.58% at Rs. 1107 per quintal. Domestic wheat futures are likely to extend gains tracking firm global cues and recent hike in MSP of wheat. The NCDEX December Wheat is likely to find resistance at Rs. 1,113, Rs. 1,120 while support is at Rs. 1101, Rs. 1099 per quintal.
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