Wheat prices posted their highs a little over a week ago at 12.59, traded all the way down to 10.27. So, setting back $2.32 off of the recent highs.

The recent break in prices does make the chart look more negative but it’s also been able to relieve the overbought pressure from the technical indicators.

If the Russia Ukraine war is ongoing in the days or even into next week anything down towards the $10 range on nearby wheat could be considered a buying opportunity with overhead up at 12.59.