July Chgo Wheat closed 2 ½ cents lower ($4.70 ¼), Sept 2 ½ cents lower ($4.78 ¼) & Dec 1 ¾ cents lower ($4.92 ½)
July KC Wheat closed 7 cents lower ($4.25 ¼), Sept 6 ¼ cents lower ($4.36 ¾) & Dec 5 ¼ cents lower ($4.58 ¾)
July Mpls Wheat closed 9 ½ cents lower ($5.34 ¼), Sept 9 ¾ cents lower ($5.42 ¼) & Dec 8 ¾ cents lower ($5.55)
Weekly Wheat Export Sales – 48.4 K T. old crop vs. -100+200 K T. expected – 344.9 K T. new crop vs. 100-500 K T. expected
Wheat charts are suggesting the current run higher is now over for the time being. The spike high on Tuesday followed by some weak looking downside follow through and then today’s effort to reverse back higher and then failing says it’s over for now. I see some minor support against $4.60 for July Chgo, better down towards $4.50. July KC wheat shows some minor support against $4.15, better between $4.10 and $4.05.
Daily Support & Resistance for 05/24
July Chgo Wheat: $4.60 – $4.78
July KC Wheat: $4.15 – $4.32
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