Wheat for December retreated for a retest of 701/700. We have bottomed just below here & holding above 700 as hoped. Look for a rally back to resistance at 705/706. We should struggle here but a break higher could test yesterday’s high at 708/709 then tough resistance at 711/12 should cap any bounce at this stage. However shorts need stops above 715 for 718/719.
Immediate support is 700/699 of course but a break lower cannot be ruled out and should target May June lows at 696/695. Failure here this week risks a test of this year’s low of 689.
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