July KC Wheat Chart

Wheat prices look a lot like soybeans in that we did not take out the highs and we closed lower on the day. Wheat has overhead resistance at last week’s high $7.41. Chart support at Friday’s low $6.82. But we wouldn’t be surprised to see the market test the double top that we saw in the $6.60 range over the next week or so. That’s about 20-30 cents below where we’re trading.