SINGAPORE: CBOT December wheat is likely to break a support at $7.01-1/2 per bushel and fall to $6.88-3/4.

The break above a falling trendline looks doubtful, as wheat failed twice to go above a resistance at $7.16-1/2.

Either the contract is retreating deeply to accumulate strength for retesting the resistance or the downtrend from $7.86-1/2 has resumed.

A break above $7.16-1/2 could lead to a gain to $7.31-3/4.

Food ministry blames MoC for wheat price hike

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