In the latest trading session, wheat prices surged to achieve our awaited target of $597.10, a positive development bolstered by yesterday’s closure above this level. This upward momentum strengthens the prospects of a sustained bullish trend in the near future, potentially guiding prices towards the next significant milestone at $614.10.
As such, our outlook remains bullish for the foreseeable period, contingent upon the price remaining above the critical level of $583.50. A breach of this support level, coupled with sustained trading below it, could signal a shift in sentiment.
Anticipated Trading Range:
Today’s trading range is expected to oscillate between a support level of $585.00 and a resistance level of $610.00, providing a framework for potential price movements.
Trend Forecast:
The overall trend forecast remains bullish, reflecting the current market dynamics and the prevailing momentum in wheat prices.