Markets

CBOT wheat to fall to $6.03-1/4

Published Updated

The rebound has adopted a five-wave mode, with the wave "5" having peaked at $6.19-1/4. A correction has started towards $6.03-1/4, the 38.2 percent Fibonacci retracement on the rise from $5.77-1/2 to $6.19-1/4.

A rise above $6.19-1/4 may extend to $6.24, with a further gain to $6.33 likely.

No information in this analysis should be considered as being business, financial or legal advice. 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.

Copyright Reuters, 2011