Wheat Prices Break Key Support Level, Bearish Trend Expected to Continue

Wheat prices experienced significant downward pressure yesterday, breaking through the $548.40 support level and settling below it. This shift has halted the previously anticipated positive scenario, pushing prices back into a bearish trend. As a result, wheat prices are expected to target lower levels, with initial support around $532.50 and further downside potential reaching $519.10.

The continuation of this bearish momentum hinges on the price remaining below the $548.40 threshold. If prices manage to break above this level, it could signal a recovery, with potential gains extending to $568.50.

For today, market analysts are forecasting a trading range for wheat prices between $535.00 on the support side and $550.00 for resistance.