On the daily, the 20MA is about to cross up over the 100. This after bouncing off the .618 Fib as support. While commentary is mostly still at least slightly bearish on Wheat, or at least not bullish, due to ample supply, there are several obvious factors going forward that make continued record production uncertain. Furthermore, the real cost of producing wheat, such as loss of biodiversity, soil degradation and wheat's role as livestock feed and which will have to be accounted for one way or the other, makes this current price unrealistic.
Thanks. I am aware of course that more expensive wheat means more hungry people. Yet the chart doesn't lie.
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