July KC Wheat Chart

Wheat prices have exploded to the upside, rallying 41 cents off of yesterday’s low and it’s enough to turn our technicals upward off of extremely oversold levels. We have the same picture developing for corn, beans, and wheat and that is charts have turned higher and technicals have turned higher from oversold levels. So it looks from a chart and technical perspective that all three grains could see some additional upside potential but weather will be the key. Weather will be the driving factor not only tomorrow but into next week’s trade following the Memorial Day holiday. On the wheat chart the next upside objective is the $6.60-$6.67 level if we can get just little bit of friendly weather news.