SINGAPORE: CBOT wheat still targets a range of $8.19-3/4 to $8.22 per bushel, as suggested by a projection analysis.

The contract is riding on a wave c from $9.06-1/4, which is capable of travelling to $8.19-3/4.

A retracement analysis on the uptrend from $7.43-1/4 reveals a similar target of $8.22.

The consolidation triggered by the support at $8.31-1/2 is shaped into a triangle, which looks like a bearish continuation pattern.

A falling channel remains intact, adding more bearish tone at the same time.

A break above $8.52-3/4 could lead to a gain to $8.63.

Punjab sets production target of wheat at 21MMT

On the daily chart, wheat is expected to fulfil its target of $8.21-3/4, which is suggested by the lower channel.

The current sideways move poses little risk to the target. Only a break above $8.70-1/4 could make this target invalid.