Wheat prices have continued their downward trend, successfully hitting the anticipated target of $605.80. The daily candlestick closed below this level, suggesting a strong likelihood of further declines. Analysts predict new negative targets, potentially reaching as low as $576.90.
Given these conditions, the bearish trend is expected to persist in the near future. However, if prices fail to maintain a position below the $605.80 mark, a recovery could be on the horizon, potentially pushing prices up to the $629.20 range in the short term.
Expected Trading Range
For today, the wheat market is anticipated to trade between a support level of $585.00 and a resistance level of $615.00.
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