July KC Wheat Chart

Wheat prices down sharply the previous two days and then today consolidating near the recent lows. The near-term chart has turned down. Technical indicators are down, although they’re getting close to the oversold range. We’ve taken out the double top at $6.61 and $6.67 which did generate some additional selling. But now we believe prices are getting into an oversold level again, this is no place to be making sales on wheat after the market has fallen almost a dollar in a week’s time.