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CBOT wheat may test support at $5.66-1/2
- Based on the consolidation range from $5.73 to $5.89-3/4, wheat may drop to $5.55-3/4.
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SINGAPORE: CBOT March wheat may test a support at $5.66-1/2 per bushel, a break below which could cause a fall to $5.55-3/4.
The support is provided by the 138.2pc projection level of a downtrend from $6.28-3/4.
Based on the consolidation range from $5.73 to $5.89-3/4, wheat may drop to $5.55-3/4.
Resistance is at $5.73, a break above which could lead to a gain into $5.77 to $5.83-3/4 range.