SINGAPORE: CBOT May wheat may drop into a range of $6.85-3/4 to $6.93-1/4 per bushel, as it may have completed a wave c from $6.54.

The completion was strongly suggested by the deep drop from the Wednesday high of $7.24.

This wave could either end around $7.25 or extend to $7.37-1/4.

CBOT wheat may retest resistance at $6.93-1/4

The deep drop makes the target of $7.37-1/4 invalid. It will be restored only when wheat breaks $7.13.