July KC Wheat Chart

Wheat prices also chopping back and forth over the last week to week and a half. Today’s close was a solid close. The overall trend does remain upward and the technicals look good as well. No sign of topping action in wheat but we haven’t pushed to new highs like we did in corn. We believe wheat will be mostly a follower to the direction of the corn market. If corn does rally on threatening weather, wheat would have an easy time challenging the $6.61-$6.67 level. And then from there, the market will start to discuss whether or not the double top at $7.41 is a potential target. But first we have to reach the double top that was posted earlier in the year in the $6.61 to $6.67 range.