Wheat has not only moved lower, but has continued to confirm a downtrend. The first chart is today's 3-minute chart, and the second one shows the daily chart and the longer-term downtrend. I wouldn't be surprised to see wheat find support at the $9.00/bushel level, at least temporarily. Ironically, the global prospects for wheat are very strong, with U.S. stocks in storage at 60-year lows. Wheat is down, however, because with wheat prices having been so strong of late, global production is expected to pick up.
3 minute and tick charts
Daily chart - down for an entire month
