Most of my coverage on wheat & the other grains has been in videos, but I posted a static chart (screenshot) of my 30-year weekly chart of $WHEAT only twice so far this year: Jan 29th & April 10th. Here are those charts with today’s, although those are EOD charts, so today’s chart should be updated later tonight or tomorrow.

The grains are certainly overbought in the near-term, plus at resistance, with $WHEAT hitting that T1 on the 30-yr weekly chart of $WHEAT I covered in the video (/ZW futures hit a high of 767 1/2 today, essentially exactly that target, although that chart I covered in the video will update & reflect it later tonight). I also covered SOYB hitting T6 today.

So basically, I wouldn’t chase/re-enter here. If we get a pullback, especially to support, in the next week or so, that would be a much more objective re-entry point. Unfortunately, as I highlighted in the video, it’s not uncommon to see the grains enter an unrelenting uptrend that doesn’t let the longs in & the shorts out. However, my best guess is a pullback from these targets that were hit today, so bump me again next week if I don’t follow up on the first half-decent pullback in the grains.