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Wheat prices have fallen below the $532.10 support level, closing last Friday beneath it and signaling a halt to the previously anticipated positive trend. This decline suggests a return to the bearish trajectory, with the price potentially heading towards $495.00, followed by $470.00 as the next support levels.
The bearish outlook remains intact as long as prices stay below $532.10. A breach above this level could signal the start of new recovery efforts and possible bullish corrections.
Today’s expected trading range is between $510.00 support and $530.00 resistance.
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