July KC Wheat Chart

This is another chart that has collapsed over the last week and a half. Today’s low at $6.43 was the lowest prices we’ve seen going back to mid-April. Overhead resistance currently then at $6.67 and chart support at $6.08. We’re not necessarily forecasting $6.08. I think that would be difficult for wheat to fall that much further but we do need to point out that is a fairly important point on the chart.