SINGAPORE: CBOT May Corn futures may rise to $6.75 after overcoming resistance at $6.67-1/4 per bushel. The contract is riding a strong wave c that is expected to reach $6.75, which is the 161.8% projection level.
A modified head-and-shoulders recommends a similar objective. A wedge-shaped congestion zone encompasses the $6.75 target.
Around $6.75, the uptrend may either halt or reverse. A break below $6.62-3/4 could lead to a fall into the $6.55-1/4 to $6.59-3/4 range.
On the day to day diagram, a falling trendline recommends a further increase to $6.73-3/4. After the contract reaches $6.73-3/4, the next move will be crucial in providing a medium-term trending signal.
CBOT corn futures may fall into the $6.39-1/4 to $6.43 range. A break above $6.73-3/4 could signal a continuation of the uptrend that began at the low of $5.62 in 2022 (continuous chart), but if this barrier is not broken, it is likely to be followed by a significant drop toward $6.09
while CBOT May wheat futures may have completed a correction from the high of $7.24 on March 29 and may now trade between $7.05-1/2 and $7.13 per bushel. The contract was able to hold steady at a support level of $6.79-3/4.
The adjustment, alongside the accompanying solid recuperation of the cost, proposes the fulfillment of the drop.
The possibility of the contract increasing to $7.25 is unclear. However, once it reaches $7.13, wheat may have a better chance of reaching $7.25 to $7.37-1/4.
While Also Wheat gained after ending the previous session largely unchanged. US conditions are not great for planting and we have bullish US provides details regarding establishing expectations and stocks,” a Singapore-based grains merchant said.