SINGAPORE: Signals are mixed for CBOT July wheat as it seems to be struggling around a support at $6.03-3/4 per bushel. After briefly piercing below this level, the contract oddly climbed above far above it.

This drastic swing of the price suggests a further consolidation above this support.

Could this consolidation develop into the second bounce towards $6.26-3/4, further to the one from the May 23 low of $5.94-1/4? The answer lies in a break above $6.18.

A drop to $5.99 could confirm the continuation of the fall towards $5.80-1/2. On the daily chart, the contract still hovers above a support at $5.99-1/4.

CBOT wheat may retest support at $5.94-3/4

The game is hard to play. The market simply suffers from a absence of momentum. If it keeps staying above this level, it may bounce towards $6.36-3/4 again.