Wheat prices have also turned higher on the short term chart.

Technical indicators pointed higher, no sign of topping action in the near term. Our next level of overhead resistance would be a double top produced back in March at $11.47.

That doesn’t mean the market will stop there but that is the next level that will be a challenge for the wheat market.

If we push through that the contract highs of $12.59 would be the next target.