Internationally Wheat Prices May Again Surge All Time High

Wheat market

WHEAT:  The fact that it has risen so close to this level, Chicago Board Of Trade (CBOT) March wheat may return to its December 30 high of $7.99 per bushel. Indeed, on Monday, the contract narrowly missed this goal. This point could be reached in a matter of months.

The question of where the contact might go after it reaches $7.99 is a more pressing one. A Fibonacci projection analysis is able to identify a target zone between $8.04-3/4 and $8.15-1/2 by making the assumption that wave C is unfolding.

The support at $7.87 appears too close for practical use. To determine whether the uptrend that began at $7.42 has turned around, the lower support at $7.78-1/2 is used.

Strategie Grains enhances EU wheat crop forecast once more On the daily chart, it is presumed that the current rise is in opposition to the downtrend that began at $9.62. A target of $8.07-3/4 is revealed by retracement analysis of the trend.

Gains are likely to extend into the $8.37-1/4 to $8.66-1/2 range once the contract holds above $8.07-3/4.

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