Wheat Prices Hold at Resistance, Awaiting Further Decline

Wheat prices are currently hovering near the upper boundary of a bearish channel, poised to resume their downward trend. Analysts predict the next support levels could be around $568.50, followed by $555.60, as technical indicators signal potential further declines in the coming sessions.

However, should wheat prices breach the $599.00 mark, it could halt the anticipated decline, leading to a bullish correction. In this case, the next key resistance target would be around $623.70.

For today, the expected trading range for wheat is between a support level of $570.00 and a resistance level of $582.00.

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