Wheat Price Encounters Transient Downward Pressure

Wheat prices exhibited a negative performance in recent sessions, as they tested the support provided by the EMA50. However, there are signs of a positive resurgence in today’s trading session, indicating a potential resumption of the corrective bullish trend. The price is now poised to explore the 605.00 level, with the possibility of extending the bullish wave to the 639.30 areas upon breaching this initial resistance.

In light of these developments, the outlook continues to favor the bullish trend in the upcoming period, unless a breach of the 585.00 support level is sustained.

The expected trading range for today is bounded by the 585.00 support and the 605.00 resistance, with the prevailing trend for the day anticipated to be bullish.