Wheat Price Continues Efforts to Break Resistance – Forecast for July 1, 2024

by Jennifer

Wheat Price Analysis

Wheat prices have recently made repeated attempts to surpass the $576.90 mark but concluded Friday’s session below this level, thereby maintaining a bearish trend outlook for the near future. The next significant target is anticipated around $546.00.


The EMA50 indicator continues to apply downward pressure on the price, reinforcing expectations for further declines. However, a breakthrough above $576.90, followed by $584.00, would invalidate the current bearish trend and potentially trigger a reversal towards upward movement.


Expected Trading Range

Market projections suggest a trading range with support at $565.00 and resistance at $583.00 for the immediate trading sessions.

Trend Forecast: Bearish

The trend forecast remains bearish for wheat prices in the short term.

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