SINGAPORE: CBOT September wheat may test a resistance at $5.09-1/4 per bushel, a break above which could lead to a gain to $5.16.

The resistance is identified as the 38.2pc retracement of the downtrend from $5.44 to $4.88.

Based on a small inverted head-and-shoulders, wheat may rise to $5.16.

Support is at $5.01, a break below which could cause a fall to $4.96.

On the daily chart, wheat has broken a resistance at $4.99-1/2, the 23.6pc retracement on the downtrend from $5.92-3/4 to $4.71.

The break opened the way towards $5.17-1/2.