SINGAPORE: CBOT March wheat may revisit its Dec. 30, 2022 high of $7.99 per bushel, as more than 86.4% of the drop from this high has been reversed. The current rise observes closely a set of the retracements on the downtrend from this high.

With the strong momentum accumulated on Feb. 10, the contract is poised to extend its gains to $7.99. A correction from the current level may be limited to a support at $7.78-1/2. On the daily chart, the current rise is against the downtrend from $9.62.

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The surge during last trading session pushed the price high above a resistance at $7.71-1/4. The next resistance is at $8.07-3/4, which may be broken soon. A break could open the way towards $8.37-1/4.