New 12 Month High in Wheat Futures

The last time wheat prices were this high was back on 3/29/13 when prices reached 741.75. Today, July Wheat futures reached 744, making a new 12-month high. See the Daily Wheat chart and the Weekly Wheat chart below which show the new high and the previous high respectively.

We will watch the wheat market over the next few days to see if a 123 top formation gels in which case we will short wheat futures.

Daily Wheat CBOT - July 2014Weekly Wheat CBOT

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