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CBOT wheat neutral in $5.25 to $5.30-1/4 range
- A break above $5.30-1/4 could lead to a gain into $5.34-1/4 to $5.38-1/4 range, while a break below $5.25 could cause a fall to $5.19-1/4.
SINGAPORE: CBOT September wheat looks neutral in a range of $5.25 to $5.30-1/4 per bushel, and an escape could suggest a direction.
The range is formed by the 23.6pc and the 38.2pc retracements of the fall from $5.51-3/4 to $5.17.
A break above $5.30-1/4 could lead to a gain into $5.34-1/4 to $5.38-1/4 range, while a break below $5.25 could cause a fall to $5.19-1/4.
The bias looks towards the downside, as the rise from $5.17 could be a pullback towards a rising trendline.
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