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SINGAPORE: CBOT May wheat may drop into a range of $6.80-1/2 to $6.89-1/2 per bushel, having completed a bounce from the March 10 low of $6.61. The completion was confirmed by a break below a rising trendline.

A pullback towards the line finished as well. Over the next few days, wheat may drop towards the bottom of the wave b around $6.89. The nature of the current drop remains unknown. It could be a part of the bounce from $6.61, or a continuation of the downtrend from the Feb. 14 high of $8.07-1/2.

The closer the drop is to $6.61-3/4, the less likely the bounce extends. A break above $6.98 could lead to a gain into $7.03-1/4 to $7.12 range.

On the daily chart, the contract is falling towards the nearest support of $6.75-1/2. Trending signals will remain neutral until wheat gets out of the range.

Wheat falls 1.3%, corn down as Black Sea grain export deal extended

It is not very clear if the support could hold under the second attack by bears.

It is supposed to be stronger than the one at $7.31-1/4. Thus, the support is likely to trigger another bounce.

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