Wheat prices are likely to plunge towards 1,400-1,350 levels, breaking the support of 1,440 levels, said SMC Global. As per estimates, production this season is likely to be same as previous year. Fresh harvest would be adding to the huge stocks already lying in the government inventories, it said.

As on Jan.01, 2013 there are now more than 37 million tons of wheat - more than three times the target of 11 million tons.

On the other hand, concerned over surplus wheat stocks, the government's advisory body CACP has suggested the Centre ''aggressively'' push exports.

India is considering allowing additional wheat exports to cut huge stocks at government warehouses and make room for the new season's harvest.

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