CBOT wheat to fall to $6.03-1/4

SINGAPORE: CBOT March wheat will fall to $6.03-1/4 per bushel, as a rebound from the Dec. 16 low of $5.77-1/2 has completed.

The rebound has adopted a five-wave mode, with the wave "5" having peaked at $6.19-1/4. A correction has started towards $6.03-1/4, the 38.2 percent Fibonacci retracement on the rise from $5.77-1/2 to $6.19-1/4.

A rise above $6.19-1/4 may extend to $6.24, with a further gain to $6.33 likely.

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