In recent trading, the price of wheat exhibited a pronounced downtrend, characterized by a decisive breach of the support threshold at $614.10, culminating in a settlement below this level. This downward shift indicates a sustained trajectory of decline anticipated in forthcoming sessions, with projected targets set at $597.10 and subsequently $583.50.
Consequently, a bearish sentiment is expected to dominate today’s trading landscape. However, it is imperative to note that a breakthrough above the $614.10 mark would signify a cessation of the anticipated decline, potentially heralding a resurgence of bullish momentum.
Expected Trading Range:
Support: $585.00
Resistance: $605.00
Trend Forecast:
Bearish