The support is provided by the 76.4% projection level of the wave c from $5.31-1/2. This wave is capable of travelling to $4.72-1/4.

Wheat has briefly pierced below $4.86. It has a better chance of overcoming this barrier and falling further. A bounce from the current level may be limited to $4.94-3/4.

On the daily chart, a head-and-shoulders has been confirmed, indicating a target around $4.40. It is more realistic to target$4.73-1/2, the 23.6% retracement of the downtrend from $6.24-1/4 to $4.27-1/4.

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** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.

No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.