SINGAPORE: CBOT wheat is biased to rise into a range of $10.75-3/4 to $10.92-3/4 per bushel, following its stabilisation around a support at $10.34-3/4.
The stabilisation, along with the subsequent rise, indicates an extension of the bounce from the June 1 low of $10.27-1/4. The bounce consists of three waves.
The wave c is unfolding towards the peak of the wave a around $11.08-1/2.
Support is at $10.48-1/4, a break below which may be followed by a drop into $10.21 to $10.34-3/4 range.
US wheat eases on harvest pressure
On the daily chart, wheat seems reluctant to get out of a neutral range of $10.46-1/4 to $10.91-3/4.
The consolidation within the range may last a longer time. A drop below the Wednesday low of $10.36-1/2 could confirm the continuation of a wave C towards $9.73.
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