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Wheat Price Forecast Update – 09-07-2024

by Jennifer

Wheat Price Analysis

Expected Scenario

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Wheat price encountered significant downward pressure yesterday, breaking below $576.90 and closing the daily candlestick below this level. This suggests a potential continuation of the decline in the upcoming sessions, targeting around $556.00 as the next downside objective.

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Therefore, a bearish bias is expected for today’s trading. It’s important to note that a breach above $583.20 would negate the expected decline and could lead the price to attempt a recovery.

Expected Trading Range

  • Support: $565.00
  • Resistance: $583.00

Trend Forecast: Bearish

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