July KC Wheat Chart

Wheat prices actually made a new contract high by 1 quarter of a penny today. We now have a double top in wheat but there is no sign of topping action. Today was a new high close and the overall uptrend in wheat is still intact. Wheat is likely going to be primarily a follower to the corn and bean markets. With accelerated wheat feeding in the U.S. and globally, wheat cheaper than corn, it won’t be difficult for wheat to be a follower if corn and beans can work their way to the upside.