CBOT wheat may fall to $6.88-3/4

SINGAPORE: CBOT December wheat is likely to break a support at $7.01-1/2 per bushel and fall to $6.88-3/4.

The break above a falling trendline looks doubtful, as wheat failed twice to go above a resistance at $7.16-1/2.

Either the contract is retreating deeply to accumulate strength for retesting the resistance or the downtrend from $7.86-1/2 has resumed.

A break above $7.16-1/2 could lead to a gain to $7.31-3/4.

Food ministry blames MoC for wheat price hike

Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.