SINGAPORE: CBOT December wheat may test a resistance at $5.53 per bushel, a break above which could lead to a gain into the $5.56-1/4 to $5.60-1/4 range.

The drop from the Monday high of $5.78-1/4 has adopted a zigzag mode, which consists of three waves.

The third wave labeled c has completed at the Thursday low of $5.41.

Wheat may bounce towards the peak of the wave b at $5.67 over the next few days. Support is at $5.45-1/2, a break below which could cause a fall to $5.42-3/4.