Wheat Prices Exceed Target: Forecast for June 7th, 2024

by Jennifer

Wheat Price Analysis: Anticipated Outlook

Today, wheat prices have surpassed the awaited target, reaching $652.60. The day commenced with a further decline, indicating potential for breaking this threshold and paving the way for a more pronounced bearish correction, with a target set at $629.20 as the subsequent primary milestone.


For the foreseeable future, we maintain our recommendation of a bearish trend. It is noteworthy that a breach of $652.60 would halt the anticipated downturn, potentially initiating recovery efforts on an intraday basis.


Projected Trading Range

The anticipated trading range lies between a support level of $629.00 and a resistance level of $653.00.

Trend Forecast: Bearish

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