Wheat Price Hits First Target, Forecast for May 13, 2024

In today’s analysis of wheat prices, it is noted that the commodity has successfully reached our initial awaited target at $660.00 and currently maintains its position around this level. Anticipation mounts for the accumulation of positive momentum, poised to propel the price to resume its bullish trajectory within the evident bullish channel as depicted on the chart. Attention is drawn to the next target, extending towards the $685.00 regions.

As such, the scenario of a bullish trend remains valid and active, contingent upon the price’s ability to sustain stability above $632.00.

For today’s trading range, expectations span between support at $650.00 and resistance at $675.00.

Trend Forecast: Bullish