Technical Forecast for Wheat

Wheat for December hit our target of 703/702 & bottomed just below at 699.50. The bounce has taken us to resistance at 706/707 & we should struggle here today. However we do need to recover from a short term oversold position so a break higher is possible & could target 711/712.

 

Watch for a high for the day here but a push higher could reach 715/716. Failure to beat 706/707 should see a drift lower to retest 701/700. We could bottom out here again today but a break lower cannot be ruled out and should target May June lows at 697/695.