12-13: Wheat was up like a rocket today

Even after a late-session sell-off, probably due to profit-taking, wheat had a great rally today. I have noticed that wheat has a tendency to demonstrate strong reversals. I think of the futures market somewhat like a rubber band, snapping back and reversing in the opposite direction when the band gets too tight from being stretched in one trend direction, and wheat is one of the most elastic of them all.

Note also in the chart the powerful reversal indicated by the Klinger volume indicator in the lower subgraph. Now that's a powerful sell-off!