SINGAPORE: CBOT May wheat may break a resistance at $11.49-1/4 a bushel and rise into the range of $11.94 to $12.21-3/4.

The contract is presumed to be riding on a wave c, the third wave of an irregular flat from the March 11 low of $10.43-1/4.

This wave is capable of travelling to $12.21-3/4.

Wheat rebounds on Black Sea supply worries; corn, soybeans rise 1%

A break below $11.04-1/4 could cause a fall into $10.31-3/4 to $10.76-1/2 range.

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