Commodities
KC Wheat Stuck Near Key Support
Kansas City Wheat prices are trading near key support at USX691.12 as short-term trend pressure remains persistent.
The current price of $706 is below its short- and medium-term moving averages, indicating a bearish momentum with MACD and RSI suggesting further weakness.
Analysts predict that the next 2-3 trading days will see sideways consolidation within the volatility band between USX691.12 and USX716.38, with only a 26% probability of an upward move.
The Ichimoku Kijun at USX714.13 serves as immediate resistance, while a decisive break above this level could signal a bullish scenario developing.