Wheat Surges: An Alert

Wheat futures are breaking higher this morning pushing into a higher trading zone. Geo-political tensions between Russia and NATO plus a one (1) million MT cut in Russian production has triggered fund shortcovering.

Sovcon has cut Russia’s wheat one (1) to 93 million MT. Subscribers: bring this to your attention as Kansas City, Chicago and Minneapolis spring wheat are technically on the climb with higher chart resistance lines now in- focus.

July Kansas City wheat breaking toward $5.50 per bu in March now has resistance at $6.20 per bu. Heavy resistance is seen at $6.40 per bu.

July MWE spring wheat appears technically lifting 40 cents per bu from $6.40 to resistance seen at $6.80 per bu. Note: Spring wheat bids locally are now rising modestly. Stay tuned to Errol’s Commodity Wire.