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Wheat prices have decisively broken the $568.50 level and settled below it, completing a head and shoulders pattern on the chart. This technical formation suggests a continuation of the bearish trend, with the potential for prices to fall below $555.60, ultimately targeting the recent low at $519.10.
Given the current market structure, the bearish bias remains in play for today. However, a break above the $568.50–$571.20 range would invalidate the current negative pressure and could lead to a corrective upward movement.
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The expected trading range for today is between support at $545.00 and resistance at $565.00.
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Trend Forecast: Bearish
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