Wheat has been sitting on what looks to be a strong support level for a while. This is the third time the market has tried to break down through it, this time on a generally bearish report from the USDA earlier in the week. While corn and soybeans have broken below important technical support levels, wheat has not, despite a generally bearish backdrop, and I view this as bullish. I admit I am something of a babe in arms when it comes to this market (for example, I don’t know whether news stories relating to US winter wheat, or this year’s Russian and Ukrainian harvests, will affect the March wheat price).

The chart, from IG Index, shows the stop position. The entry point was the last price shown.