SINGAPORE: CBOT May wheat may retest a resistance at $6.93-1/4 per bushel, a break above which could lead to a gain into the$6.98-1/4 to $7.05-1/2 range.
A flat pattern could be developing. It consists of three waves that are roughly equal. The current wave c may travel to $7.05-1/2.
Paris wheat surges on renewed Black Sea concerns
Support is at $6.79-3/4, a break below which could be followed by a drop into the $6.66 to $6.73-1/2 range.
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