SINGAPORE: CBOT wheat may test a resistance at $8.76 per bushel, a break above which could lead to a gain to $8.86-3/4.

The contract has found a support of $8.58-1/2, the 61.8% retracement, which is strengthened by a similar one at $8.58.

Only one participant in country’s wheat tender

These supports are working together to stop the fall and trigger a bounce.

A break below $8.58-1/2 may open the way towards $8.47-1/4.