Wheat prices are in a downtrend off of the highs posted about a month ago. Prices posted new lows last week did not quite come down to our 40-day or our uptrend line but nonetheless it was a new low for the move.

The chart still looks disappointing but today was an inside day, we did not take out yesterday high or low and closed somewhat towards the middle of that range.

We see that the wheat market is waiting for fresh input.