Wheat prices continue to be in a very sharp downtrend. New low today posted at $5.97. We pushed through the double bottom at $6.08 and that triggered additional sell stops and selling by the funds in the wheat market as well. Prices now approaching long term trendline support with technicals at zero. There is no sign of bottoming action on the charts yet but this is no place to be making sales in wheat. This market is not only oversold technically but undervalued fundamentally.