July KC Wheat Chart

Wheat prices have also been in a downtrend over the past week and a half or so. Technical indicators have been turning down but we have stabilized over the last couple of days. And the technical indicators showing some signs of stabilizing as well. We currently have chart support down in the $5.83-$5.75 range. Overhead resistance up in the $6.20 range where our 10, 20-day moving average and down trending line all converge. Today’s close right around $6 means we have about 20 cents upside potential and about 20 cents of downside risk as well.