SINGAPORE: CBOT wheat may extend its gains to $9.37-1/4 per bushel, as suggested by a projection analysis.

The contract has broken a key resistance at $8.97, the 100% projection level of an uptrend from $7.91-1/4. The break confirmed a target zone of $9.37-1/4 to $9.62-1/4.

Immediate support is at $9.12-1/4, a break below which may be followed by a drop into $8.97 to $9.04-1/4 range.

On the daily chart, wheat has broken a resistance at $9.04-1/4, the final barrier towards $9.54.

Wheat steadies after slide, soybeans ease

A retracement analysis on the downtrend from $12.82 suggests a similar target of $9.49.

A break above $9.54, though unlikely at the momentum, may lead to a big gain into $10.12-1/2 to $10.76 range.