SINGAPORE: CBOT March wheat may retest a support at $7.40-3/4 per bushel, a break below which could be followed by a drop to $7.30-3/4.

A bounce from the Dec. 6 low of $7.23-1/2 has completed.

It consists of three waves.

The wave b ended at $7.30-3/4, which remains as a target.

CBOT wheat may test support at $7.40-3/4

A rise above $7.56-3/4 could signal an extension of the uptrend from $7.23-1/2, towards $7.70-$7.83 range.