cw

Wheat has moved higher against corn and is now within striking distance of our $2.00 target. The resistance at $2 has contained rallies repeatedly  over the recent years. we doubt that prices will be able to exceed this region on the upcoming test. In fact the short term patterns suggest the rally may stop short of reaching  $2. We revise our target to $1.90 and expect a meaningfully pullback after testing the revised target.