Wheat finished the day higher today as we watched short covering in most grain markets. The recent pressure we have seen has failed to take out the double bottom formation that we currently have on the chart. If we can see the wheat market move above last week’s high trade, we could continue to find some buying in the wheat complex. If we fail to move above these levels we are going to likely move sideways at least till we get closer to summer grain harvest.
Weather right now is not threatening for spring wheat and with the winter wheat harvest soon to be above 80% harvested we wouldn’t expect weather to adversely affect winter wheat prospects…
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