May KC Wheat Chart

Wheat prices are trending higher. Wheat prices have broken hard, much harder than corn or beans and actually became undervalued for a period of 2 or 3 weeks. But wheat has rebounded very quickly, in fact, up $0.53 over the last week and a half. Wheat is not likely to be a one-way street and therefore we would not be surprised to see markets trying to pullback or correct. But overall, pullbacks at this point back down towards our moving averages where the 10 and 20-day moving averages converge are likely going to be viewed as buying opportunities as the wheat market does appear it has turned the corner to the upside.