July KC Wheat Chart

Wheat prices look pretty negative on the chart. We had a double top last week and now we’ve been trending lower this week for the most part. Technical indicators also pointed down. Wheat prices from a chart and technical perspective look pretty negative. The next chart support level would be $6.82. That’s about 8-10 cents below where we closed today. The next level of support the double top in the $6.61-$6.67 level. We would not be surprised to see wheat prices enter that type of range as we move through the next week or so.