SINGAPORE: CBOT March wheat may break a support at $7.45-1/2 per bushel, and fall towards $7.32-3/4. The contract has fallen below a rising channel. A duplicated channel suggests a target of $7.32-3/4. The drop on Monday confirmed the completion of a corrective wave cycle from $7.12-1/2.

Either the downtrend from $7.99 has resumed, or the uptrend from $7.12-1/2 would be deeply reversed.

A break above $7.55-3/4 may lead to a gain to $7.65-3/4. On the daily chart, wheat seems to be pulling back towards a falling trendline.

CBOT wheat may retest support at $7.52-1/2

The pullback may extend into $7.12 to $7.29-1/4 range. Due to the completion of a five-wave cycle from $9.62, wheat may resume its rise upon the completion of the pullback in the target zone.