Wheat prices are in a long-term trend uptrend, the intermediate trend is also an uptrend, while the short-term trend has been down since the highs were posted in March.

It’s worth noting that price shave fallen about $2.600 from the highs early in the month at 12.59 to the lows that were posted early this week at 9.93.

Following a $2.60 break with technical indicators approaching the oversold level, the charts do look negative, but this is no place to be making sales.

We would expect wheat will find solid support at the 40-day moving average, the uptrend line, and also the spike lows form earlier this week. All coming into play between $9.90-$10.00.