SINGAPORE: CBOT December wheat may fall into a range of $5.43-1/4 to $5.54-1/4 per bushel, as suggested by a projection analysis and a wedge.

The surge on Wednesday unexpectedly became short-lived.

The drop from the same day high of $5.87 suggests the development of an expanding wedge.

The lower trendline of the pattern points at a target of $5.43-1/4, the 61.8pc projection level of the uptrend from $4.97.

Strategically, the target zone will be confirmed when wheat breaks the immediate support at $5.61-3/4.

A break above $5.66-3/4 may lead to a gain into a zone of $5.72 to $5.77-1/4.