Wheat price is recovering – Forecast today - 03-05-2024

Wheat Price Analysis

• Wheat price bounced clearly upwards after the 597.10$ level formed solid support against the price.
• Approaching the key resistance at 614.10$, hinting at an attempt to recover and achieve gains in the upcoming period, supported by technical indicators.

Therefore, it's advisable to stay aside until we get a clearer signal for the next trend. Note that continuing the rise and breaching 614.10$ will push the price to target 641.50$ areas as a next main station. Conversely, breaking 597.10$ support will push the price to decline again and head towards 583.50$ initially.

The expected trading range for today is between 600.00$ support and 620.00$ resistance.

Trend forecast: Neutral