Wheat (Futures): With Wheat following through lower on Thursday, further weakness is likely. Support comes in at the 5.00 level with a break targeting the 4.90 level. A cut through here will aim at the 4.80 level and then the 4.70. Its daily RSI is bearish and pointing lower supporting this view. Its daily is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at 5.21 level where a break will aim at the 5.35 level and then the 5.50 level. A cut through here will aim at the 5.40 level. All in all, Wheat remains biased to the downside on pullback.
