New 12-Month Low in Wheat Futures

The Weekly Wheat (CBOT) chart below shows that Wheat has made a new 12-month low.  Looking at the Daily Wheat chart for March 2014 wheat futures, we have a possible #1 point of a 1-2-3 bottom forming at 621.  As of this morning (12/17/13) the Intraday chart shows wheat has gone even lower to 620.25 (at the time of this post).  We will watch for the #2 and #3 points to form before going long wheat.

Daily Wheat CBOT - March 2014

Weekly Wheat CBOT

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