SINGAPORE: CBOT March wheat may fall to $7.76-3/4 per bushel, as it has broken a support at $7.90-1/4.

The support is identified as the 23.6% projection level of a downward wave c from $8.12. This is the third wave of a presumed three-wave cycle from the Nov. 24 high of $8.74-3/4.

This wave is expected to be roughly equal to the wave a, to extend to $7.20. A bearish wedge has been confirmed, making a part of a more bearish pennant.

A bounce from the current level may be limited to $7.98-1/2. On the daily chart, the support at $7.80 looks vulnerable, under the second attack by bears.

A break will open the way towards the range of $7.21-1/4 to $7.50-3/4.

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