Wheat has also been mostly in a choppy sideways range over the last 2-3 months.
Wheat prices like beans have moved towards the lower end of the range at chart support with technical indicators oversold for the first time going back to January.
With this in mind we do not want to be a seller of wheat, in fact if you are an end user of wheat this is likely a time to be adding some coverage.
We look for wheat prices to remain in the pennant formation that has developed and anything within that range is fair game heading into the May crop report a week from tomorrow.
There is more upside potential than there are downside risks from current levels.