July KC Wheat Chart

Wheat prices posted a new contract high at 13.79 earlier this week but since have fallen sharply in profit taking.

Technical indicators have turned down and we mentioned earlier this week that wheat has chart support between 12.59-12.02 and we are in that area of support.

Even though there is no sign of bottoming yet from the short term, the market has now fallen to an area of support where we are no longer a seller of wheat.