Wheat price tests the support base – Forecast today - 02-05-2024

Expected Scenario

• Wheat price continues to press on 597.10$ support line, finding difficulty to confirm the break, waiting to get negative motive that assist to push the price to surpass this level and open the way to rally towards 583.50$ as a next negative target.
• The bearish trend scenario will remain suggested on the intraday basis, noting that breaching 614.10$ will stop the expected decline and lead the price to achieve new gains that reach 630.00$ followed by 641.50$.

Expected Trading Range

Between the support at 585.00$ and the resistance at 610.00$.