Wheat has spiked much higher this week from big funds covering their shorts.
News of dryness in Russia and Australia are part of it.
The HRW crop tour is also taking place. Don't have any reports yet but crop ratings in the S.Plains of KS/OK/TX are close to the worst ever. Based on HRW being the strongest on the board today, would guess that scouts are reporting how bad the crop really is out there.
Both HRW and SRW are at a critical area today, tagging the very late Feb highs.
Closing above this/that level looks extremely bullish........of course it can be a short term fake out.
Failing here, makes the technical picture look like a double top short term.
Or it could just be a pause if funds are still in the short covering mood and bearish global wheat supply fundamentals, after being bearish for years have finally turned the corner.
Made a few bucks on an option. I was wondering why the bounce! Thanks,kinda been out of touch. Getting myself back into the groove