It seems to me that wheat is pretty cheap relative to corn and beans right now. Wheat, ( if I understand it correctly ) is a higher protein feed than corn, and cattle fatten quicker on it, seems like a lot of feeders will be (or have already) happily switched over. Wheat chart is looking like it has some upside potential to me right now, not to mention beans and corn look a little toppy. whaddayathink ?
for wheat probabilities in chart imply this ... a downward pattern....with burst of upside gaps...but temporally its downward till proven otherwise...
Well, Wheat certainly had a key outside reversal down day today (on lower volume)- off of that upper channel line. We'll see what that's worth. Weekly volatility is down, and the Weekly trend is up. May contract open interest is strong but volume is off. And the commercials are well up off their shorts on the COT. And this looks like a (abcd - e to come ) bull flag shaping up to me. Guess that's what makes a market.