Wheat bear trend dominates as we have stated every day for weeks now BUT we have hit our lower target of 474/473. To repeat what we wrote yesterday: **This is crucial for this week as it is 200 month moving average support. Exit shorts and try longs with stops below 469.** If we get the expected recovery now, as we are currently witnessing we should target 480/481 then 486/487. We should struggle but a break higher not out of the question and targets 491 then strong resistance at 495/496 which should hold a move higher at this stage.
However a break lower sees 473/474 acting a strong resistance. The bear market trend will then continue to dominate for a move towards 468, 461, 457/456, 447 and 440 this week.