July KC Wheat Chart

Wheat prices also seeing 3 and now 4 days in a row of lower highs. This is signaling that in the immediate term the very short term the market may have some additional downside risks with chart support at a double bottom of 10.27. That 40 cents below where we closed today.

Technical indicators are pointed downward and do still have room to move, so we can’t rule out the wheat market still seeing a little bit of downward pressure at least in the short term.

But we do want to make our listeners aware that these are chart and technical signals and a war and crop reports that come out Thursday can certainly overwhelm the chart or technical signals if we get a new surge of either bearish or bullish news.