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Wheat prices experienced further declines yesterday, nearing our extended target of $530.10. We anticipate the continuation of a bearish bias to achieve additional negative targets in the longer term, with potential declines to $515.00 followed by $500.00.
The EMA50 continues to support this bearish momentum. However, a breach above $548.50 could prompt price recovery attempts, targeting the $576.90 area before potentially resuming the downtrend.
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Today’s expected trading range is between $525.00 support and $550.00 resistance.
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Trend Forecast: Bearish
