Wheat prices encountered downward pressure yesterday, breaking through the $548.40 support level and settling below it. This shift has halted the previously anticipated bullish scenario, pushing the market back into its primary bearish trend. The next key targets are set at $532.50, followed by $519.10.
The continuation of the bearish trend hinges on the price remaining below $548.40. A breach above this level, however, would invalidate the negative outlook, potentially sparking a recovery and driving prices toward a target of $568.50.
For today, the expected trading range is between $535.00 support and $550.00 resistance.
Trend forecast: Bearish