July KC Wheat Chart

Wheat prices are in a steep downtrend off of the highs posted, a double top at $7.41 back in April. Prices have now reached the downside target at $6.08 where we have double bottom from the Jan-Feb timeframe and technical indicators are zero. This is not a place to be making sales in wheat. We think this market could very easily turn around and trade back towards initial overhead resistance between $6.61-$6.67. We just need a little bit of friendly news to get the market turned around.