SINGAPORE: CBOT March wheat may test a support at $7.40-3/4 per bushel, as a bounce from the Dec. 6 low of $7.23-1/2 has completed.

Ever since the bounce stopped at the Dec. 13 high of $7.69-1/4, corn has never been able to revisit this level.

The bounce consists of three waves.

The wave b ended at $7.30-3/4, which works as a target.

CBOT wheat closes lower on fund selling

Resistance is at $7.70, a break above which could lead to a gain into $7.83 to $8.00-3/4 range.