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Wheat prices experienced a notable increase yesterday, moving closer to the anticipated target of $599.00. The commodity continues to trade within a bullish channel, reinforcing the likelihood of surpassing this level and extending gains. Short-term projections suggest that prices could reach as high as $623.70.
Support for the current bullish trend is provided by the EMA50 indicator, which remains valid as long as prices stay above $568.50. A drop below this level and a sustained breach would invalidate the positive outlook.
For today, the trading range is expected to be between a support level of $575.00 and a resistance level of $599.00.
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