Wheat Future Price Per Bushel May Surge More Into $7.16 To $7.21 Range

SINGAPORE: Since it has broken through a resistance level of $7.03-1/4 per bushel, CBOT “May”  wheat price per bushel  may move further into a range of $7.16-3/4 to $7.21-3/4 level. Wheat futures had to consolidate for a few days as a result of the resistance. kc Wheat futures

Together with the rise that came before it, the consolidation formed a bullish triangle, which led to a more bullish pennant.

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These examples emphatically recommend a further increase toward the pinnacle of the wave 4 at $7.21-3/4.

A break below $7.03-1/4 could confirm a range of $6.93-3/4 to $6.98 as support. Wheat is bouncing toward $7.31-1/4 on the daily chart. Kc Wheat futures

CBOT wheat price per bushel  may retest $7.03-1/4 resistance. while shallow correction on Thursday and the surge on Friday provided solid answers to the question of whether the contract would move in a zigzag or straight direction toward this level.

The contract’s strong performance over the past few days simply ensures a swift rise toward $7.31-1/4.

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While the Mich Agriculture Commodities Rice prospects transcended $17 per hundredweight in the wake of contacting the eight-month low of $16.25 on Spring eighth, as shipments to China kept on recuperating following the nation’s returning.

Meanwhile, prices may be impacted in the months to come by expectations of increased global supply. In its most recent Walk report, the USDA said the worldwide viewpoint for 2022/23 was for bigger supplies, utilization, exchange, and finishing stocks.mich Agriculture commodities