Wheat price shows more bearish bias to move away from the EMA50, and the way is open to achieve our first waited target at 536.80, noting that breaking this level will extend the bearish wave to reach 520.30 on the near term basis.
Therefore, we will keep our bearish overview unless the price rallied to breach 557.30 level and hold above it.
The expected trading range for today is between 535.00 support and 557.00 resistance.
The expected trend for today: Bearish