SINGAPORE: CBOT March wheat may retest a resistance at $5.94-1/4 per bushel, a break above which could lead to a gain to $6.00-3/4.

The contract failed twice to break a support at $5.73, the 123.6pc projection level of a downtrend from $6.28-3/4.

The two failures, along with the gain on Wednesday, suggest a formation of a bottom around $5.73.

Even though it is not very clear if the downtrend has reversed, a further bounce is highly likely.

Support is at $5.83-3/4, a break below which could cause a fall to $5.77.