Wheat Futures Conoslidate

Wheat
Fundamentals: This morning’s weekly export sales report showed net sales of 511,100 metric tons (MT) for 2022/2023 were down 50 percent from the previous week and 10 percent from the prior 4-week average.

Technicals: Wheat futures are holding their own this morning, relative to the pressure we are seeing in corn and beans. We mentioned in recent Tech Talks that this could be the case. Corn and wheat have retraced a large portion of their higher move from the beginning of the year, which may help prices enter into more of a consolidation phase, near term.

Bias: Neutral
Previous Session Bias: Neutral

Resistance: 839-849**, 898 ½-903****, 960-970***
Pivot: 800-815
Support: 739-749***

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