Having surged earlier this year above its 2011 highs at 893.25, wheat has undergone another threshing, says Mark Sturdy at www.sevendaysahead.com.
The price has finally dropped through a key Fibonacci retracement level at 835.08. The next level where the March 2013 contract could possibly find a floor is 765.17 and thereafter 754.50. The bears are in control here.