Well wheat certainly is in the lead today....... a solid indicator that there is demand and there are few new crop producers who will take a chance at selling a bad crop, still looking poor in the field...... or with unanswered freeze damage questions
Locally we see whole fields that are turning from green to white as the head develops
Leading the way........ and at a resistance point....... if your buying and selling on the operating range the next three days you will sell or hold depending on our leap above the $5.60 level or not. If your a hedger(producer) then is this a good price for your COP and crop. & If this stalls in the next three days....... There are good basis bids available (compared historically) Or if you think the public is going to stop eating gluten like Breadless hamburgers..... then this is a good price.
Because harvest answers are weeks away I expect it to go higher and expand the range...... so watch for the spin to ramp up some information to sway opinion on that "world surplus" format since it has had sucess on both the privious trips to this price and watch to see if the market believes it again.
(I have no idea to the contrary....... other than we will need high prices to bring Russian wheat to Wichita flour mills........I just believe that news that is timely is often suspect.)