The wheat market closed poorly and made new lows for the move at 8.20.

The good news is we turned around and closed at 8.37, 17 cents off the daily low.

Nearby support would be today’s low at 8.20 with overhead resistance very close to the $10 range.

Wheat prices shows new lows made for this move and we are now testing the lows from last week at 8.32 with todays close at 8.48.

That low would be fairly significant chart support with overhead resistance around the $10 level.

Wheat prices made a new low at 8.53 but did not take out last weeks low.

The difference in wheat is it did not close higher today; it appears to have carved out a range with 8.32 being chart support and 9.98 being overhead resistance.

We are currently trading much closer to the lower end of that range.

Wheat prices also like the corn and soybean market with the rallying and volatility.

Wheat has chart support at 8.32 and overhead resistance right around the $10 level.

Wheat prices are in an uptrend although todays close was very disappointing after reaching a high at 9.98 we turned around and closed at 9.15.

That is 83 cents off the daily high, if we can go higher tomorrow you will barely see that on the chart because we had an outside day up.

Wheat prices have been turning to the upside over the last day and a half, enough to turn the technical up as well.

Wheat has had a massive pull back over the past month and the first objective on the chart would be 9.92.

Wheat prices also made a new low for the move today down to 8.32.

They did bounce and closed at 8.51, 19 cents off the daily low, but this wheat market does need to see a couple of higher trading days in order to turn the chart or technical.

Following the recent $5 plus break in prices and technical indicators pegged at 0, we do not want to be sellers in wheat.

Wheat prices also sharply lower and in a free fall over the last couple of weeks.

Although technical indicators are extremely oversold there is no sign yet of bottoming action.