In recent trading sessions, wheat prices have experienced a persistent decline, reaching the anticipated target of $605.80. Notably, the daily closing price fell below this crucial level, indicating a strong likelihood of further downward movement towards new targets around $576.90. Analysts suggest that the bearish trend is likely to persist in the near term.
However, analysts also caution that if wheat prices fail to consolidate below $605.80, there could be potential for recovery attempts. In such a scenario, prices may aim to test resistance around $629.20 in the short term.
Projected Trading Range
Today’s expected trading range is forecasted to be between support at $585.00 and resistance at $615.00.
Trend Forecast
The overall trend forecast for wheat prices remains bearish, with expectations of continued downward pressure in the near future.