Markets
CBOT wheat targets $6.54-1/2 a bushel
SINGAPORE : CBOT December wheat will break below a support at $6.81-3/4 per bushel, and fall more towards $6.54-1/2.
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The contract is firm on a downward wave "3" which is heading towards $6.54-1/2, the 261.8 percent Fibonacci projection level, based on the length of the wave "1" that fell from $7.95-3/4 to $7.50 and the peak of the wave "2" at $7.74-1/4.
A rebound will be limited to $7.00, the 161.8 percent Fibonacci projection level.
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Copyright Reuters, 2011