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Wheat prices have decisively fallen below the $599.00 mark, closing under this threshold yesterday. This movement confirms the ongoing bearish trend and paves the way for potential negative targets beginning at $585.00 and extending down to $568.50.
The recent decline is further supported by the price remaining below the 50-day exponential moving average (EMA), indicating that the bearish wave is likely to persist. This outlook will hold as long as prices remain stable beneath the $599.00 level.
For today, the anticipated trading range is expected to fall between a support level of $580.00 and a resistance level at $600.00.
Related topic:
Top 5 Reasons Why Wheat Futures Are Falling