SINGAPORE: CBOT May wheat may fall into a range of $6.79-3/4 to $6.85-3/4 per bushel, following its failure to break a resistance at $7.05-1/2.

The contract failed twice to overcome this barrier.

The failures suggest the formation of a temporary top. Once the contract falls into the target zone, a flat pattern will be confirmed, which suggests a further drop to $6.54.

CBOT wheat may retest resistance at $6.93-1/4

A break above $7.05-1/2 could lead to a gain into $7.13 to $7.25 range.